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:
-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).
-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).
-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).
-Doubletree Guest Suites Lexington, $5.9 million renovation, located at 2601 Richmond Rd. in Lexington, KY (155 suites, 5,000 s.f. meeting space).
-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:
-Flat-screen, 37" LCD HDTV (living room) and 32" LCD HDTV (bedroom).
-Redesigned bathrooms featuring premium granite vanities and enhanced lighting.
-Two speakerphones with voice mail and data ports for high-speed Internet access.
-Wireless high-speed Internet access throughout the hotel.
-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).
-New complimentary, 24/7 Business Centers featuring computer work stations and secure, remote printing capabilities from all guest suites.
-New Exercise Centers featuring premium Precor® fitness equipment.
-New carpeting, draperies, wallcoverings and furniture in each guest suite and all public spaces, as well as new buffet areas.
-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.