Rockbridge Capital Announces $7,5ml First Mortgage Investment to Refinance the Hampston Inn & Suites
COLUMBUS, OH, August 22, 2005. Columbus, Ohio-based RockBridge Capital, LLC ("RockBridge") today announced the closing of its $7,500,000 first mortgage investment to refinance the 91-key Hampton Inn & Suites in Ontario, California. James T. Merkel, Managing Director of RockBridge, made the announcement.
The Hampton Inn & Suites-Ontario is the highest-quality select-service property in the Ontario market. Having opened in January of 2005, the property has an excellent location in the heart of Ontario adjacent to the Ontario Mills Mall. The Ontario area has grown tremendously in recent years, largely due to its popularity as an affordable alternative to Los Angeles for both residential and commercial development. The Hampton Inn & Suites has demonstrated exceptional performance, achieving occupancy of nearly 82% and an ADR of over $126 in its first full month of operation (February 2005).
The Sponsor is K Partners Hospitality Group, Inc. ("K Partners"), a San Antonio, Texas-based lodging company with extensive hospitality experience. K Partners currently owns nine hotels totaling nearly 800 rooms and has six additional hotels under development and scheduled for completion in 2005 and 2006. The firm currently focuses on select-service hotels with global identity and reservation systems.
Commenting on the transaction, Merkel indicated, "K Partners secured a good site in a fast-growing market and was able to create significant value by moving quickly." Merkel continued, "RockBridge was able to recognize this value creation with little operating history, making the transaction attractive to both groups. We look forward to working with K Partners on several of their more pending transactions."
Based in Columbus, Ohio, RockBridge provides capital to the real estate industry through the RockBridge Real Estate Funds. Since 1993, the principals of RockBridge have formed and managed six (6) closed-end real estate funds with both institutional and high net worth investors. RockBridge originates bridge, first mortgage loans, mezzanine loans, and preferred equity investments, primarily in the hotel sector. Since 1993, the RockBridge team has nearly $600 million in more than 265 assets nationwide, with aggregate transaction capitalization exceeding $3.6 billion.
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 
