RockBridge Capital Announces $12mil First Mortgage to Refinance Portfolio in Rogers and Bentonville,
BENTONVILLE, AR, December 12, 2006. RockBridge Capital, LLC ("RockBridge") today announced the closing of its $12,200,000 first mortgage investment to refinance a 208-room portfolio, comprised of the 78-room TownePlace Suites in Bentonville, Arkansas and the 130-room Candlewood Suites in Rogers, Arkansas. James T. Merkel, Managing Director of RockBridge, made the announcement.
The TownePlace Suites - Bentonville and Candlewood Suites - Rogers are located within two miles in adjacent cities in northwest Arkansas, a thriving market area that is home to notable companies and institutions, including Wal-Mart, JB Hunt, Tysons, and the University of Arkansas. The 78-room TownePlace Suites opened in 2003 and is conveniently located off I-540, three miles from Wal-Mart's headquarters. Opened in 2001 and expanded in 2005, the 130-room Candlewood Suites is ideally located within the Scottsdale Center retail / entertainment complex, which is locally known as "Restaurant Row". Both the TownePlace Suites and Candlewood Suites are moderately priced, all-suite hotels designed for extended-stay travelers.
The Sponsor is Wichita based AG Holdings, LLC ("AG"), founded by Jim Korroch in 1999. AG currently owns and operates six hotels under Residence Inn, TownePlace Suites, and Candlewood Suites flags, and has a Courtyard under development.
Commenting on the transaction, Merkel said, "This transaction, along with our recent refinancing of AG's Residence Inn in Wichita, KS, reflects the continued success of our relationship. We look forward to making additional investments with AG in future."
With offices in Columbus, Ohio and San Diego, California, RockBridge provides capital to the hospitality industry through its RockBridge Hospitality Funds and First Mortgage Program. The principals of RockBridge have formed and managed seven closed-end real estate funds with both institutional and high-net-worth investors. Focused on creating value for their hotel operating partners, RockBridge makes investments throughout the capital structure including first mortgage, mezzanine, and equity. Since 1992, RockBridge's team has invested more than $2 billion in over 300 underlying assets nationwide through these investment programs with an aggregate transaction capitalization approaching $4 billion. For additional investment and financing opportunities available through RockBridge Capital, contact James T. Merkel at (614) 246-2526 or visit www.rockbridgecapital.com.
Contact: Paul Kesman
(248) 258-2333
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 
