RockBridge Announces Chicago Hotel Acquisition and Conversion to Le Meridien Flag
Oak Brook, IL - October 11, 2012 - RockBridge Partners, a division of RockBridge, today announced the acquisition of the former Renaissance Oak Brook, a 172-room, full-service hotel located in Oak Brook, Illinois. The property will undergo a comprehensive $21 million renovation and be reintroduced to the market as the Le Meridien Chicago at Oakbrook Center, a “like new”, upper upscale hotel that will recapture market leadership. James T. Merkel, President and CEO of RockBridge, made the announcement.
The comprehensive renovation will commence this fall and is scheduled to be completed in the fall of 2013, at which point a grand opening ceremony will be held. Renovations will include a redeveloped lobby that exudes an engaging sense of arrival, a new restaurant and lounge, and a relocated and expanded fitness center. The guestrooms and corridors will be fully refurbished with high-quality finishes, including renovated guest bathrooms, high-definition televisions, bedding upgrades, and a comprehensive soft and case goods package.
The hotel is located adjacent to the 2 million square foot Oakbrook Center, the largest open-air mall in the United States. It also sits within one of the largest office markets in the Chicago suburbs; one that boasts over 21 million square feet of office space within a seven-mile radius. The property will be managed by Wischermann Partners, Inc.
“With the best location, a comprehensive renovation, and the strength of Starwood's Le Meridien brand and Preferred Guest Program, we expect this hotel to be the market leader. We are very excited about this investment opportunity,” said Merkel.
RockBridge
RockBridge is an integrated hotel investment firm that has executed on over 300 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 debt and equity 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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