RockBridge Capital Announces a $10,850,000 First Mortgage
Investment to Develop a 99-Room Homewood Suites in Ft. Collins, CO
COLUMBUS, OH, July 7, 2006. Columbus, Ohio-based RockBridge Capital, LLC ("RockBridge") today announced the closing of its $10,850,000 first mortgage investment to develop a 99-room Homewood Suites in Fort Collins, Colorado. Construction recently began on the 99-key hotel that is anticipated to be complete by spring 2007. James T. Merkel, Managing Director of RockBridge, made the announcement.
Located in the foothills of the Rocky Mountains, approximately one-hour north of Denver, the Homewood Suites will be constructed off Harmony Road in Fort Collins' primary development/ high tech corridor proximate to major demand generators, including Colorado State University, Hewlett Packard, Intel, LSI Logic, Advanced Energy, the Center for Disease Control, and the US Department of Agriculture. Homewood Suites is Hilton Hotel's upscale extend-stay hotel brand. The improvements will be comprised of a 4-story building containing a combination of studio, one-bedroom, and two-bedroom suites providing distinct living and sleeping areas, an indoor pool, exercise room, business center, sundry shop, and sport court.
The Sponsor is InterMountain Management, LLC ("InterMountain"), located in Monroe, Louisiana. Founded by Dewey Weaver in 1982, InterMountain has focused on the development, ownership, and management of Hilton and Marriott-affiliated hotels across the continental U.S, and currently owns and/or operates 37 properties. InterMountain has a very active pipeline, with 25 hotels currently under development.
Commenting on the transaction, Merkel indicated, "This is our second transaction with InterMountain, and we are pleased to continue to grow the relationship. InterMountain and RockBridge have built the foundation to develop a significant relationship due to mutual capacity and appetite for growth."
With offices in Columbus, Ohio and San Diego, California, RockBridge provides capital to the hospitality industry through the RockBridge Real Estate Funds. Since 1993, the principals of RockBridge have formed and managed seven (7) closed-end real estate funds with both institutional and high-net-worth investors. RockBridge originates first mortgage and mezzanine loans, as well as preferred equity and equity investments. Since 1993, the RockBridge team has invested more than $600 million in nearly 300 assets nationwide, with aggregate transaction capitalization approaching $4.0 billion. For additional investment and financing opportunities available through RockBridge Capital, contact James T. Merkel at (614) 246-2505.
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 
