RockBridge Capital Announces $32+ mil First Mortgage Investment to Recapitalize a 331Room, 3-Propert
COLUMBUS, OH, May 9, 2006 - Columbus, Ohio-based RockBridge Capital, LLC ("RockBridge") today announced the closing of a $32,150,000 first mortgage to recapitalize a portfolio of 3 properties: a 117-room Hampton Inn & Suites located in South Bend, Indiana; a 130-room Hampton Inn located in Ann Arbor, Michigan; and an 84-room TownePlace Suites located in Bloomington, Indiana. James T. Merkel, Managing Director of RockBridge, made the announcement.
The properties are located in highly desirable "college towns" that provide a strong, steady base of demand to each of the hotels. Hampton Inn & Suites-South Bend is located one mile north of the University of Notre Dame, St. Mary's College and Holy Cross College. Hampton Inn-Ann Arbor is located one mile northeast of the University of Michigan campus. TownePlace Suites-Bloomington is located two miles west of the Indiana University campus. Each of the assets is in good condition, with the TownePlace Suites being the newest of the three hotels, having opened in 2000. Further, approximately $2.4 million of the first mortgage proceeds will be reinvested in the properties for renovations over the next 18 months.
The Sponsor is First Hospitality Group ("FHG"), located in Rosemont, IL. The Sponsor's Chairman and CEO, Stephen Schwartz, founded FHG in 1985 as a real estate investment, development, and management company focused on the hospitality industry. Over the past 20 years, Mr. Schwartz has grown the company's portfolio to 30 properties in 6 states under such brands as Marriott, Hilton, and Holiday Inn.
Commenting on the transaction, Merkel indicated, "Having come to know and respect FHG through their management of our Holiday Inn Select in Rosemont, IL, we are pleased to be able to broaden our relationship with such a strong owner/operator."
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.
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 
