Rockbridge Announces First Mortgage for Hotel Development
JUNE 9, 2008. RockBridge Capital, LLC ("RockBridge") today announced the closing of a first mortgage investment for the development of a 102-room SpringHill Suites in Wichita, KS. James T. Merkel, Managing Director of RockBridge, made the announcement.
The SpringHill Suites will be developed, owned, and operated by A.G. Holdings with whom RockBridge has a strong, growing relationship. The SpringHill Suites is located in affluent northeast Wichita adjacent to the Plazzio lifestyle center. The Spring Hill Suites site is adjacent to a Residence Inn, also owned and operated by AG Holdings, for which RockBridge provided first mortgage financing.
RockBridge and A.G. Holdings believe that the location of the SpringHill Suites adjacent to the Residence Inn will allow the properties to realize operational synergies and provide travelers with different lodging options. The SpringHill Suites will be a high-quality, all-suite hotel that will incorporate the latest amenities being rolled out by Marriott. A.G. Holdings has won numerous awards from Marriott and has consistently built hotels on the leading edge of Marriott's brand standards.
A.G. Holdings, founded in 1999 by Jim Korroch, focuses on owning and developing Marriott-affiliated extended-stay and select-service hotels, leveraging Jim Korroch's lodging industry experience, where he previously held executive-level management positions with Summerfield Suites and Candlewood Suites. RockBridge has a strong partnership with A.G. Holdings, completing approximately $85 million of transaction capitalization over the past several years.
Commenting on the transaction, Merkel said, "Jim Korroch is a strong owner and operator, consistently creating value with his hotel projects. RockBridge has been pleased with the performance of its other AG Holdings investments, and we look forward to more opportunities to work together in the future."
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 eight 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 $2.5 billion in over 300 assets nationwide with aggregate transaction capitalization of nearly $4.5 billion. For additional information about RockBridge Capital, contact James T. Merkel at (614) 246-2505 or visit www.rockbridgecapital.com.
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 
