Rockbridge Announces $11+ Mil First Mortgage for Hyatt Summerfield
DECEMBER 19, 2008. RockBridge today announced the closing of an $11.7 million first mortgage investment in the 150-room Hyatt Summerfield Suites in Plymouth Meeting, PA. James T. Merkel, President of RockBridge, made the announcement.
The Hyatt Summerfield Suites - Plymouth Meeting is currently owned and operated by LodgeWorks, based in Wichita, KS. The hotel is a high-quality, all-suite, institutional-grade hotel that benefits from the excellent reputation of the Hyatt brand. These attributes coupled with a planned $1.3 million renovation will position it favorably among the top extended-stay brands in the area, offering suites with fully-equipped kitchens, walk-in closets and a dedicated work space. Hyatt is focused on growing the Summerfield Suites brand through development and conversion opportunities and has announced plans for the opening of 20 new-builds by the end of 2008.
The Hyatt Summerfield Suites is well-located in a suburban office and retail market seven miles northwest of Philadelphia and is proximate to heavy transportation routes I-276 and I-476, with excellent access to the major metropolitan markets of Philadelphia, Newark, and New York City. The property is located two miles north of the Plymouth Meeting Mall and less than ten miles from the King of Prussia Mall, which is the nation's largest shopping center east of the Mississippi and is anchored by Bloomingdale's, Nordstrom, Neiman Marcus, and Lord & Taylor.
LodgeWorks was founded in 2000 by Rolf Ruhfus (CEO) and Tony Isaac (President). Ruhfus and Isaac have a combined 50 years experience in the extended-stay segment of the hospitality industry, and are co-originators of the Residence Inn and Hyatt Summerfield Suites brands, two successful existing hotel concepts. RockBridge has a strong relationship with LodgeWorks, having provided first mortgage and mezzanine financing totaling over $125 million (total capitalization) for ten LodgeWorks properties. LodgeWorks currently owns / manages or is developing 35 hotels operating under various flags, including its proprietary brand, Hotel Sierra, as well as Hyatt Summerfield Suites, Hawthorn Suites (a Hyatt brand), and Hilton Garden Inn.
RockBridge provides capital to the hospitality industry through its RockBridge Hospitality Funds and First Mortgage Investment Program. The principals of RockBridge have formed and managed eight closed-end real estate funds with both institutional and private investors. Focused on creating value for their hotel operating partners, RockBridge invests first mortgage, mezzanine, and equity capital in hotels throughout the U.S. Since 1992, RockBridge has invested more than $2.8 billion in over 320 assets nationwide with aggregate transaction capitalization in excess of over $5 billion. For additional information about RockBridge, contact James T. Merkel at (614) 246-2505 or visit www.rockbridgecapital.com
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 
