RockBridge Capital Announces a $12,5 mil First Mortgage Investment to Develop a 128-Room Courtyard i
COLUMBUS, OH, April 19, 2006 - Columbus, Ohio-based RockBridge Capital, LLC ("RockBridge") today announced the closing of a $12,500,000 first mortgage investment to develop a 128-room Courtyard in Wichita, Kansas. James T. Merkel, Managing Director of RockBridge, made the announcement.
The Courtyard represents an adaptive reuse of the circa 1930 warehouse building that will be converted to a hotel. Located in the historic "Old Town" district of downtown Wichita, the Courtyard is situated amongst Wichita's most popular restaurant and entertainment venues and is within one-quarter mile of the Sedgwick County Arena that will open by 2009. Upon opening, the property will offer guestrooms located off an interior atrium, a restaurant, lounge, 4,000 square feet of meeting space, exercise room, indoor pool, business center, gourmet coffee shop, the "Market" sundry shop, and other services and amenities that are hallmarks of the Courtyard brand.
The Sponsor is Wichita-based AG Holdings, LLC ("AG"), founded by Jim Korroch in 1999. In addition to the Courtyard under development, AG currently owns and operates seven hotels under Residence Inn, TownePlace Suites, and Candlewood Suites flags.
Commenting on the transaction, Merkel indicated, "We are pleased to have invested with AG Holdings in this unique and high profile transaction. AG is a young company, and we are exited about helping them execute their long-term growth plan of developing strong branded hotels in desirable markets. We look forward to expanding our relationship and facilitating AG'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.