RockBridge Capital Announces a $7.3 mil First Mortgage to Develop a 92-Room Residence Inn in Fayette
COLUMBUS, OH, March 8, 2006. Columbus, Ohio-based RockBridge Capital, LLC ("RockBridge") today announced the closing of its $7,250,000 first mortgage investment to develop a 92-room Residence Inn located in Fayetteville, North Carolina. James T. Merkel, Managing Director of RockBridge, made the announcement.
Construction recently began on the 92-key hotel and is anticipated to be complete by fall 2006. As the newest and only upscale extended-stay property in the Fayetteville market, the property will be well-received as the result of its Marriott brand affiliation, location, and quality level. In addition to local retail growth in the Cross Creek Mall area, nearby Fort Bragg, Pope Air Force Base, Kelly Springfield, and the soon to be completed production facility of Nitta Gelatin USA, will provide a steady source of commercial and government room night demand to the hotels in the area.
The Sponsor is InterMountain Management, LLC ("InterMountain"), located in Monroe, Louisiana. Over the past 20 years, InterMountain has focused on the development, ownership, and management of Marriott-affiliated hotels across the continental U.S. InterMountain currently owns and/or operates over 30 properties, including 10 Residence Inns, and has 12 additional hotels under development and scheduled for completion in 2006.
Commenting on the transaction, Merkel indicated, "After completing a transaction with InterMountain as manager, we saw the potential synergies between our two companies. The Residence Inn-Fayetteville transaction is the first of several transactions RockBridge plans to complete with InterMountain. We look forward to expanding our relationship and facilitating InterMountain's continued growth."
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
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 
