RockBridge Aquires Two Properties in Manhattan
New York, NY - April 19, 2012 - RockBridge Partners, a division of RockBridge, today announced the acquisition of the 224-room Doubletree Hotel Times Square South and the 146-room Hampton Inn 35th Street / Empire State Building. These acquisitions are RockBridge's first in New York City. James T. Merkel, President and CEO of RockBridge, made the announcement.
The Doubletree, formerly a Wyndham Garden Inn, is located in Midtown Manhattan on 36th Street, between 8th and 9th Avenues and is six blocks from Times Square. The Hampton Inn is also located in Midtown, between 5th and 6th Avenues and is a short walk to the Empire State Building, Macy's, and numerous demand generators. Having opened in 2008, both hotels are in excellent condition and will complete modest renovations to maintain their condition. Magna Hospitality is RockBridge's partner in the transactions and will manage the properties.
“We are excited to acquire two high-quality, well-located hotels in Manhattan, which has some of the strongest market fundamentals in the world.” said Merkel. “We have looked at a lot of transactions in New York City over the years and these were the first to meet all of the criteria that we look for in an opportunity.”
RockBridge
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.
CONTACT: Paul Kesman
(248) 321-2035
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