Rockbridge Acquires Historic Canterbury Hotel in Indianapolis

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. June 13, 2013

Indianapolis, IN - June 13, 2013 - Rockbridge Partners, a division of Rockbridge, today announced the acquisition of the historic Canterbury Hotel, a 99-room, full-service hotel located in downtown Indianapolis, Indiana. The property will undergo a comprehensive renovation and be transformed into a “like new”, upper upscale hotel that will recapture market leadership. James T. Merkel, President and CEO of Rockbridge, made the announcement.

Rockbridge's comprehensive renovation will improve the hotel from top to bottom, including opening up and refurbishing the lobby area, relocating and expanding the fitness center, and redeveloping the restaurant and lounge with a new concept. The corridors and guestrooms will also be fully refurbished, including completely renovated guest bathrooms and guestrooms with all new furniture and finishes.

The hotel is located adjacent to the Circle Centre Mall and St. Elmo's Steakhouse in the heart of downtown Indianapolis within walking distance to Monument Circle, the State Capitol, Bankers Life Fieldhouse, Lucas Oil Stadium, in addition to the significant corporate demand generators. The property will be managed by Azul Hospitality Group.

“The Canterbury is a special property that we plan to revitalize with a significant investment,” said Merkel, President and CEO of Rockbridge. “This major re-vamp of the hotel will allow it to remain a local institution while competing effectively with the newer hotels in the strong downtown Indianapolis lodging market. With an excellent location and a comprehensive renovation, this hotel will become a market leader.”

Rockbridge purchased the hotel from Turner Woodard, an Indianapolis entrepreneur and investor, who started the process to reinvigorate the Canterbury in 2010. “The Canterbury is a special place in the City of Indianapolis and always has been,” said Woodard. “We are proud of the many improvements we've been able to make at the Canterbury over the last several years to reenergize the spirit and appreciation for the hotel, and look forward to Rockbridge's extension of these accomplishments. Our family's vision for the hotel will be fulfilled a bit more quickly, benefiting our vibrant Indianapolis downtown market.”

Rockbridge
Rockbridge is an integrated hotel investment firm that has executed on over 300 hotel investments in the U.S. over the past two decades. Since 1992, Rockbridge's team has invested nearly $3 billion in the hospitality industry as part of approximately $5 billion of total transaction capitalization. The principals of Rockbridge have formed and managed ten hospitality-focused investment funds with predominantly institutional investors. For additional information about Rockbridge, visit www.rockbridgecapital.com

Azul Hospitality Group
Azul Hospitality Group has a robust infrastructure of industry professionals with extensive experience in all aspects of hotel management and development services. The company's primary focus is on upscale hotels and resorts, with unique destination and product attributes. Recent projects include the Sheraton Carlsbad Resort & Spa in Carlsbad, California, the Aloft Cupertino in Cupertino, California, and the Sheraton Redding at Sundial Bridge in Redding, California.