Rockbridge Announces Acquisition of Marriott Crabtree Valley

375-room property will undergo extensive renovation

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. October 18, 2013

Raleigh, NC - October 18, 2013 - Rockbridge Partners, a division of Rockbridge, today announced the acquisition of the Raleigh Marriott Crabtree Valley, a 375-room, full service hotel located in Raleigh (Crabtree), NC. Jim Merkel, president and CEO of Rockbridge, made the announcement.

The full service, six story Marriott will undergo an extensive $23 million renovation that will dramatically change the overall guest experience. Highlights of the renovation include complete guestroom and guest bath upgrades, the addition of a 10,000sf ballroom, and reconfiguration of the existing lobby and restaurant space to install the new Marriott “Great Room” lobby concept. The sense of arrival and exterior will be modernized through design enhancements to the porte-cochere, re-orientation of the guest entryway, and activation of the outdoor space with a new patio terrace and pool.

The hotel is centrally located in an excellent area surrounded by significant corporate, leisure, medical, and university demand. It sits directly across from the 1.4 million square foot Crabtree Valley Mall and is also in close proximity to regional demand generators such as North Carolina State University, Raleigh-Durham International Airport, and Research Triangle Park.

“This acquisition is representative of our strategy to identify and invest in hotels to which we can add value and generate a positive, long-term ROI,” said Merkel. “With a great location in a vibrant market, a comprehensive renovation, and a strong, local operator in Concord, we are confident that this hotel will become a market leader.”

Concord Hospitality will manage the property. Mark Laport, president and CEO of Concord, added “Marriott Crabtree is a terrific asset and an important contributor to Raleigh's emergence as a top tier city for conventions, and attracting business travel in key business segments such as technology, science, and medical research,” said “To have the opportunity to lead a second full service hotel in our own back yard, with a tremendous partner like Rockbridge, is particularly gratifying.”

Rockbridge Rockbridge is a private equity firm that invests in hotels. Since 1992, Rockbridge's team has formed and managed ten institutional private equity funds and executed on over 325 hotel investments in 43 states in transactions worth more than $5 billion. For additional information about Rockbridge, please visit www.rockbridgecapital.com.

About Concord Hospitality Concord Hospitality Enterprises Company, an award-winning hotel management and development company based in Raleigh, N.C., manages more than 90 hotels offering more than 12,600 guest rooms in 22 states and two Canadian provinces. The company operates hotels and resorts under such well-known industry elite brands as Marriott, Hilton, Hyatt, Starwood, Wyndham, InterContinental Hotels Group, and Choice Hotels, as well as select independent boutique hotels. Formed in 1985, Concord recently was listed as one of the top management companies in the nation by independent sources, and has received some of the industry's most prestigious honors including Developer of the Year for Marriott, Hyatt and Choice Hotels. Concord also is an eight-time winner of Marriott's Partnership Circle award and in 2013 was honored to be the recipient of Marriott's inaugural Spirit to Preserve Award. Concord properties are some of the most awarded hotels in the country, having won nearly 100 top honors in the past two years alone. For more information, visit www.concordhotels.com.