ATLANTA, GA, January 26, 2009 � Renovations totaling $35.2 million
have been completed at five all-suite hotels that are owned by a joint
venture between Rockbridge Partners, an affiliate of RockBridge Capital,
LLC, and Hospitality Ventures, LLC. The joint venture acquired the
five upscale, all-suite hotels in mid-2007 and immediately began renovations
to each property. The hotels, managed by Hospitality Ventures and
located in major U.S. markets, are:
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Embassy Suites Dallas Park Central, $12.1 million renovation, located at
13131 North Central Expressway in Dallas, TX (279 rooms, 15,000+ s.f. meeting
space).
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Embassy Suites Detroit-Troy/Auburn Hills, $7.8 million renovation, located
at 850 Tower Drive in Troy, MI (251 rooms, 5,000+ s.f. meeting space).
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Embassy Suites Tulsa-I-44, $6 million renovation, located at 3332 South
79th East Ave. in Tulsa, OK (244 rooms, 4,000+ s.f. meeting space).
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Doubletree Guest Suites Lexington, $5.9 million renovation, located at
2601 Richmond Rd. in Lexington, KY (155 suites, 5,000 s.f. meeting space).
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Embassy Suites Brunswick, $3.4 million renovation, located at 500 Mall
Blvd. in Brunswick, GA (130 rooms, 5,800 s.f. meeting space).
Each of the hotels received extensive, top-to-bottom renovations that upgraded
virtually every aspect of the property�s exterior and interior. The
atrium areas of the Dallas and Troy properties now feature an all new design
model for Embassy Suites atriums that provides numerous options for dining,
work, and leisure activities for the modern traveler. The completely
redesigned atriums feature a communal-space design with fresh, contemporary
color scheme, two-story water feature with dramatic lighting and music,
U-shaped, high-top communal table, and clusters of living room-type areas
with sofas, chairs and tables for comfortable laptop computer work or quiet
conversation. TV monitors viewable from anywhere in the atrium and
a new open-space, casual restaurant also are featured.
Additionally, each of the hotels received these upgraded amenities
among other improvements unique to each property:
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Flat-screen, 37� LCD HDTV (living room) and 32� LCD HDTV (bedroom).
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Redesigned bathrooms featuring premium granite vanities and enhanced lighting.
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Two speakerphones with voice mail and data ports for high-speed Internet
access.
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Wireless high-speed Internet access throughout the hotel.
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New luxury bedding packages (Suite Dreams Embassy Essentials® signature
sleep package in all Embassy Suites properties, Sweet Dreams® by Doubletree
in the Doubletree Guest Suites Lexington).
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New complimentary, 24/7 Business Centers featuring computer work stations
and secure, remote printing capabilities from all guest suites.
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New Exercise Centers featuring premium Precor® fitness equipment.
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New carpeting, draperies, wallcoverings and furniture in each guest suite
and all public spaces, as well as new buffet areas.
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Exterior upgrades such as new color schemes, landscaping, lighting and
porte-cochere/entrance.
�Robert Cole and Hospitality Ventures has been an important partner of
RockBridge since our inception,� says RockBridge Capital, LLC President
James T. Merkel. �This joint venture fits into our firm�s growth
strategy, and we look forward to working with Hospitality Ventures on similar
projects in the near future.�
�The successful completion of major upgrades to these five premium
Hilton-brand properties in excellent markets is an ongoing strategy in
our firm�s sustained, quality-focused portfolio growth,� says Robert Cole,
President & CEO of Hospitality Ventures, LLC. �Even in the current
economic climate, we are poised to repeat this model repeatedly in 2009,
2010 and beyond as a result of our successful joint venture with RockBridge
Partners, which brings a vast amount of invaluable hospitality industry
expertise to our projects.�
About RockBridge Partners
RockBridge Partners was formed as the equity platform of RockBridge
Capital, LLC. RockBridge provides capital to the hospitality industry
through its Hospitality Funds and focuses on both debt and equity investments.
RockBridge invests first mortgage, mezzanine, and equity capital in hotels
throughout the U.S. with a focus on creating value with its hotel operating
partners. Since 1992, RockBridge has invested in over 325 assets
nationwide with aggregate transaction capitalization of nearly $5 billion.
For additional information about RockBridge Capital, contact James T. Merkel
at (614) 246-2505 or visit www.rockbridgecapital.com.
About Hospitality Ventures, LLC
Hospitality Ventures, LLC is a privately owned, fully-integrated Atlanta-based
hotel ownership and management firm. The principals of Hospitality
Ventures are the previous principals and founders of Impac Hotel Group.
During their time at Impac, they successfully owned and operated more than
150 hotels in every size and service category. Hospitality Ventures
currently owns and/or operates 19 hotels in 12 states that collectively
have over 2,900 guest rooms. Seventeen of the 19 hotels operate under
Marriott or Hilton franchise agreements. Visit www.hospitalityventures.com
for more information. |
