HREC Arranges Sale of Hotel in Rocky Mount, NC
APRIL 9, 2008. HREC Investment Advisors successfully brokered the sale of a 461-room hotel portfolio and Conference Center in Rocky Mount, North Carolina for Rocky Mount Tectel, a partnership comprised of a prominent North Carolina based local developer and several Miami-based investors. The hotel portfolio consists of a Doubletree Hotel, a Residence Inn, a Comfort Inn and a Courtyard by Marriott. In addition, the sale included a conference center and vacant land.
HREC Investment Advisors was originally retained to arrange financing for the conversion of a 168-room Holiday Inn to a Doubletree. However, after completing its due diligence and meetings with the Partners to explore their ultimate exit strategy, HREC advised Ownership it would be prudent to pursue both a finance and sale strategy simultaneously. RockBridge Capital, LLC was selected to provide financing, but ended up acquiring the properties when the scheduled sale to a third party was unsuccessful. RockBridge's business plan, which included new management, financing and value enhancement, convinced the local developer to remain a passive investor in the transaction.
"The folks at RockBridge Capital were highly creative and flexible" said Ronald C. Muzii, Senior Vice President of HREC Investment Advisors, based out of Boca Raton, Florida. "They started as a lender, but when the opportunity arose, were equally satisfied to invest equity in order to meet the needs of our Client. During the due diligence process, they added tremendous value. I was impressed by their knowledge and creativity in working through the details of a complicated transaction."
"HREC is extremely proud to have been able to facilitate such a complex deal during a time in our industry when the capital markets are in such turmoil," added Scott Stephens, Principal of HREC Investment Advisors' Tampa office. "Furthermore, Ron Muzii's creativity and diligence in helping to structure this deal once again shows the depth of the HREC team."
HREC Investment Advisors is a real estate brokerage and investment banking firm exclusively focused on the hospitality industry. HREC represents hotel owners in the sale of their hotels and resorts throughout the United States. HREC Investment Advisors is also currently very active in representing hotel and resort owners refinancing debt on a number of existing hotels, placing debt and equity on hotel development projects, and in the equity recapitalization of a number of hotel portfolios, including arranging equity joint ventures, as well as placing mezzanine debt and equity on both existing and proposed hotel projects.
HREC Investment Advisors has office locations in Denver, New York, Chicago, Los Angeles, Tampa, Dallas, Memphis and Boca Raton.
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 
