RockBridge Partners Announces Latest Acquisition
Minneapolis, MN - March 29, 2012 - RockBridge Partners, a division of RockBridge, today announced the acquisition of the University Hotel Minneapolis, a 304-room, full-service hotel located in Minneapolis, Minnesota. The property will now undergo a $14.8 million comprehensive renovation and rebranding. James T. Merkel, President and CEO of RockBridge, made the announcement.
The renovation will commence this spring and will include lobby and “sense of arrival” enhancements, a new restaurant and lounge, expanded fitness center and a complete refresh of all banquet and meeting spaces. The guestrooms and corridors will also be fully refurbished with high-quality finishes and materials, including 42” high-definition televisions, bedding upgrades and a comprehensive soft and case good package.
The University Hotel Minneapolis is located in the heart of the Twin Cities and is the only full-service hotel on the University of Minnesota campus. Hotel guests enjoy complimentary access to the on-campus, state-of-the-art, $30 million sports and recreation facility, featuring an Olympic-sized pool, basketball and racquetball courts, and full fitness and weight equipment. Additional hotel amenities include an on-site Applebee's restaurant, Starbucks coffee shop and University Lounge, as well as 20,000 square-feet of meeting and event space. The property will be managed by Noble House Hotels and Resorts.
“We have successfully acquired and repositioned hotels in several university markets, including college towns in Oregon, Iowa, and Michigan, and were able to leverage that experience.” said Merkel. “This property will be positioned as a four-star hotel with a focus on being the gathering place for those visiting the University. When we are completed with the rebranding and reimaging of the property, it will be a hotel the University can be proud of.”
RockBridge is an integrated hotel investment firm that has executed on over 300 debt and equity hotel investments in the U.S. over the past two decades. Since 1992, RockBridge's team has invested nearly $3 billion in the hospitality industry as part of approximately $5 billion of total transaction capitalization. The principals of RockBridge have formed and managed nine hospitality-focused investment funds across multiple platforms with predominantly institutional investors. For additional information about RockBridge, visit www.rockbridgecapital.com
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