RockBridge Capital Announces a $12.5 mil First Mortgage for the Acquisition of the 143-Room Best Wes
COLUMBUS, OH, March 8, 2006. Columbus, Ohio-based RockBridge Capital, LLC ("RockBridge") today announced the closing of a $12,500,000 first mortgage for the acquisition of the Best Western in Savannah, Georgia. James T. Merkel, Managing Director of RockBridge, made the announcement.
The Best Western enjoys a high-profile location at the corner of Bay Street and Martin Luther King Boulevard in the Historic District of Savannah. The property is within two blocks of the City Market and also has frontage on both River Street and the famous River Walk, both of which are primary tourist destinations in Savannah. The hotel offers 143 guestrooms, an outdoor swimming pool, and a complimentary continental breakfast buffet. Since 2002, approximately $1.5 million in renovations have been completed at the Best Western, while the new ownership group will complete an additional $850K in improvements primarily encompassing guest bathroom and bedroom upgrades.
The Sponsor is Northwest Hospitality Group, LLC, a privately held company located in Vancouver, Washington. Northwest was established in 1996 by CEO Rick Takach to develop, acquire, and manage hotels. Northwest currently owns and/or manages twelve hotels in nine states operating under Best Western, Renaissance, Hampton Inn, Homewood Suites, Country Inn & Suites, Staybridge Suites, Holiday Inn, and independent flags. Northwest has managed the Best Western since April 2002 and is largely responsible for the property's recent success, measured vis-`a-vis a 350% increase in net operating income.
Commenting on the transaction, Merkel indicated, "Northwest Hospitality Group is an ideal partner for us, as they have the ability to create asset value through strong management." Merkel went on to explain, "RockBridge continues to identify and fund investments that offer strong, risk adjusted returns. We expect Northwest to continue enhancing the value of this asset."
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 $800 million in nearly 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
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