RockBridge Capital Announces a $7,5 mil First Mortgage to Refinance 153-Room Holiday Inn Express & S
COLUMBUS, OH, April 19, 2006 - Columbus, Ohio-based RockBridge Capital, LLC ("RockBridge") today announced the closing of a $7,500,000 first mortgage to refinance and renovate the Holiday Inn Express Hotel & Suites in Plantation, located just outside of Fort Lauderdale, Florida. James T. Merkel, Managing Director of RockBridge, made the announcement.
The loan proceeds will be used to renovate and convert the existing 335-room Holiday Inn to a 153-room Holiday Inn Express Hotel & Suites. The Sponsor will reposition the hotel by selling off the older, exterior-corridor hotel building of the Holiday Inn and converting the modern, interior-corridor building to a 153-room Holiday Inn Express Hotel & Suites. The $3.25 million conversion is relatively straightforward, as a large meeting room will be converted to a lobby, front desk, and great room, while an outdoor pool and exercise room will be added to the Property. All of the guestrooms and corridors will also be renovated.
The Sponsor is Magna Hospitality Group ("Magna"). RockBridge has an existing relationship with Magna, having financed their Hampton Inn in Bowie, Maryland, Hampton Inn & Suites at Providence - Warwick International Airport, Holiday Inn & Suites in Milwaukee, Wisconsin, and the Hilton Garden Inns in Burlington and Waltham, Massachusetts. The principals of Magna have extensive hospitality experience, currently managing 16 hotels in 10 states.
Commenting on this transaction, James T. Merkel, Managing Director of RockBridge indicated, "We are pleased to continue to grow our relationship with Magna." Merkel went on to explain, "The transaction represents a well-conceived business plan to reposition an underperforming, non-competitive asset into one of the stronger select-service hotels in the Plantation market."
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.
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