RockBridge Opens Hyatt Place Hotel on Pittsburgh's North Shore
PITTSBURGH, PA -February 17, 2011 - RockBridge Capital, LLC (“RockBridge”) and Continental Real Estate Companies (“Continental”) announced today the grand opening of the Hyatt Place hotel, located on Pittsburgh's North Shore. The hotel is the second joint venture between the principals of RockBridge and Continental. Wichita, Kansas-based LodgeWorks, L.P. (“LodgeWorks”) is also an investor, as well as the operator of the hotel. James T. Merkel, President and CEO of RockBridge Capital, made the announcement.
The hotel stands in a prime location between Heinz Field (Pittsburgh Steelers) and PNC Park (Pittsburgh Pirates), across the river from the Downtown Pittsburgh central business district. The North Shore features strong and diverse demand generators, including the Pittsburgh Steelers, Pittsburgh Pirates, Carnegie Science Center, Andy Warhol Museum, Rivers Casino, Promowest, and major corporations and is also home to restaurants such as Hyde Park Prime Steakhouse, Rivertowne, McFadden's Saloon, and the Jerome Bettis Grille 36.
The upscale all-suite Hyatt Place features in-room amenities such as the Hyatt Grand Bed, a living room with large sectional sofa and ottoman, work area integrated with a 42” plasma television, in-room refrigerator, and complimentary high-speed Internet access. Additional property highlights include an oversized Stay Fit fitness center offering Life Fitness equipment, an inviting wine / espresso bar, and the Guest Kitchen offering freshly prepared and made-to-order dining options.
Commenting on the project, Merkel said, “Pittsburgh is underserved with respect to high-quality, premium-branded, and well-located hotel rooms. Our team delivered a first-class property in a great location at a time when market fundamentals are seeing marked improvement. As a result, we are excited about the long-term appeal and success of this project.”
About RockBridge
Rockbridge provides capital to the hospitality industry through its RockBridge Hospitality Funds and First Mortgage Investment Program. The principals of RockBridge have formed and managed nine investment funds totaling nearly $1 billion across multiple platforms with both institutional and private investors. Focused on creating value for their hotel operating partners, RockBridge invests first mortgage, mezzanine and equity capital in hotels throughout the U.S. Since 1992, Rockbridge has invested in over 325 assets nationwide with aggregate transaction capitalization of nearly $5 billion. For additional information about Rockbridge, visit www.rockbridgecapital.com.
About Continental Real Estate Companies
Continental Real Estate Companies (www.continental-realestate.com) is a fully integrated real estate development company based in Columbus, Ohio. Continental was selected by the Pittsburgh Steelers and Pittsburgh Pirates to lead the development between the new stadiums and to date has successfully completed over $120 million of mixed-use projects. In addition, Continental has developed more than two billion dollars in large retail projects nationwide, as well as mid-rise office, hotels and various types of multi-family projects. Established more than 50 years ago, Continental continues to be one of the country's most respected and experienced real estate development companies.
About LodgeWorks
Wichita-Kansas based LodgeWorks, L.P., is a leading hotel management and development company with a proven 20-year track record of maximizing owner returns through its sophisticated operating platform and industry-leading guest satisfaction. LodgeWorks provides fully-integrated pre-opening and operations services with expertise in construction, purchasing, direct sales, channel and centralized revenue management, human resources and expense management. LodgeWorks currently operates for owners across Hyatt Global, Hilton Worldwide, Starwood Hotels and Resorts and Wyndham Hotels and Resorts. For more information please visit www.lodgeworks.com.
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 
