RockBridge Capital Announces $13 mil First Mortgage to Finance Holiday Inn Express in Brooklyn, NY
BROOKLYN, NY, November 1, 2006. RockBridge Capital, LLC ("RockBridge") today announced the closing of a $13,000,000 first mortgage investment to refinance the 115-room Holiday Inn Express in Brooklyn, New York. James T. Merkel, Managing Director of RockBridge, made the announcement.
The 115-room Holiday Inn Express recently opened on Union Street in the Park Slope neighborhood of Brooklyn. The site is conveniently located approximately 1.5 miles from downtown Brooklyn and the Metro Tech Center, and within one-half block of the 4th and Union Subway station, which provides guests with convenient access to points throughout Manhattan.
The Sponsors are Magna Hospitality Group ("Magna") and McSam Hospitality, LLC ("McSam"). RockBridge has an existing relationship with Magna, financing six of their hotels over the past four years. The principals of Magna have extensive hospitality experience, currently managing 20 hotels in 11 states and Quebec, Canada. McSam, a fully integrated real estate development, construction, and investment concern based in Floral Park, NY, is currently one of the most prolific hotel developers in the New York metropolitan area.
Commenting on this transaction, James T. Merkel, Managing Director of RockBridge indicated, "We are pleased to continue to grow our relationship with Magna." Merkel went on to explain, "The transaction is an excellent opportunity to invest in a well-located hotel in Brooklyn, which is presently underserved by high-quality, chain-affiliated hotels. Magna, along with McSam, continue to identify value-added investment opportunities. This transaction fits that mold."
With offices in Columbus, Ohio and San Diego, California, RockBridge provides capital to the hospitality industry through the RockBridge Real Estate Funds. Since 1993, the principals of RockBridge have formed and managed seven (7) closed-end real estate funds with both institutional and high-net-worth investors. RockBridge originates first mortgage and mezzanine loans, as well as preferred equity and equity investments. Since 1993, the RockBridge team has invested more than $600 million in over 300 assets nationwide, with aggregate transaction capitalization approaching $4.0 billion. For additional investment and financing opportunities available through RockBridge Capital, contact James T. Merkel at (614) 246-2505.
Contact: Paul Kesman
(248) 258-2333
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
