RockBridge Capital Announces a $9 mil First Mortgage Investment
Refinance of 120-Room Hilton Garden Inn and 172-Room Radisson in Tulsa, OK
COLUMBUS, OH, March 31, 2006. Columbus, Ohio-based RockBridge Capital, LLC ("RockBridge") today announced the closing of its $9,000,000 first mortgage investment to refinance a 120-room Hilton Garden Inn and a 172-room Radisson located adjacent to the Tulsa International Airport in Tulsa, Oklahoma. James T. Merkel, Managing Director of RockBridge, made the announcement.
The Hilton Garden Inn and Radisson are well-located at the main entrance to the Tulsa International Airport with good visibility and easy access to major freeways in the Tulsa area. The Tulsa airport recently completed nearly $30 million in renovations to improve the terminal, add restaurants and retail, and to overhaul the security and baggage screening systems. The two properties are located less than 1/2 mile from the American Airlines Maintenance Facility, which is the largest employer in Tulsa (9,000 employees), and the world's largest airline maintenance facility. Other airport employers include Boeing (2,000 employees), IC of Oklahoma (school bus manufacturing - 600 employees), and BizJet (200 employees).
The Sponsor is Bridge Partners, located in Walnut Creek, California. The Sponsor's principals, Ken Beall and Steve Klein, formed Bridge Partners in 1990 as a real estate investment and development company focused on renovating and repositioning multi-family and hospitality properties. Hospitality Management Corporation ("HMC"), a close affiliate of Bridge Partners, is the third-party manager of the properties, and has been in that role since 1993 (Radisson) and 1998 (Hilton Garden Inn), respectively. HMC currently manages 11 hotels across the country and plans to add 4 other hotels that are currently under development.
Commenting on the transaction, Merkel indicated, "We are pleased to continue our relationship with Bridge Partners and HMC with this loan. HMC is a strong operator who knows the Tulsa market well, and we expect to see continued performance improvement for these two properties."
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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