RockBridge Capital Announces $26.6mil First Mortgage to Finance Acquisition of Shores Resort & Spa
DAYTONA BEACH SHORES, FL, February 28, 2007. RockBridge Capital, LLC ("RockBridge") today announced the closing of a $26.6 million first mortgage investment to finance the acquisition of the 212-room Shores Resort and Spa located in Daytona Beach Shores, FL. James T. Merkel, Managing Director of RockBridge, made the announcement.
The Shores Resort & Spa is a first-class, oceanfront resort that recently underwent a comprehensive renovation totaling approximately $30 million. The property features luxury amenities such as SpaTerre signature spa, Baleen - an oceanfront restaurant, an infinity pool, a poolside bar, and over 15,000 square feet of meeting space, including four meeting rooms that overlook the Atlantic Ocean.
The sponsor is Lowe Enterprises, a private REIT that develops, owns, and manages (through its affiliated management company Destination Hotels and Resorts) first class real estate properties including over 30 luxury hotels, resorts, and conference centers. Destination has grown to become the country's fifth largest management company, and Lowe and Destination continue to achieve strong growth through the acquisition and development of high-quality hospitality real estate.
With offices in Columbus, Ohio and San Diego, California, 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 seven closed-end real estate funds 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 more than $2 billion in over 300 assets nationwide with aggregate transaction capitalization of nearly $4 billion. For additional information about RockBridge Capital, contact James T. Merkel at (614) 246-2505 or visit www.rockbridgecapital.com.
CONTACT:
Paul Kesman
(248) 258-2333
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 
