RockBridge Partners and Hospitality Ventures, an Atlanta-based hotel ownership and management firm, have formed a joint venture to purchase four Embassy Suites and one Sheraton Suites, totaling more than 1,000 rooms, from affiliates of FelCor Lodging Trust for $86 million.
Average per-room cost is about $85,000.
The hotels, which are located in Georgia, Michigan, Oklahoma, Kentucky and Texas, include the 130-room Embassy Suites Brunswick, in Brunswick, Ga.; the 279-room Embassy Suites Dallas Park Central, in Dallas; the 251-room Embassy Suites Detroit-Troy/Auburn Hills, in Troy, Mich.; the 155-room Sheraton Suites Lexington and French Quarter Square Retail Center and the Embassy Suites Tulsa.
The Embassy Suites Tulsa, 3332 South 79th East Ave., includes 244 rooms and 4,000 SF of meeting space. The Sheraton Suites Lexington and French Quarter Square Retail Center–already re-branded as a Doubletree Guest Suites–in Lexington, Ky., has 155 rooms, 7,000 square feet of meeting space and 37,000 square feet of retail space.
Plans call for a total of $30 million in renovations for the properites.
RockBridge provides capital to the hospitality industry through its Hospitality Funds and focuses on both debt and equity. RockBridge invests first mortgage, mezzanine, and equity capital in hotels throughout the U.S. The company has invested nearly $2.5 billion in more than 300 assets nationwide with aggregate transaction capitalization of over $4 billion.
Hospitality Ventures is a privately owned Atlanta-based hotel ownership and management firm. The principals of Hospitality Ventures are the previous principals and founders of Impac Hotel Group.
FelCor, which owned the hotel as part of a 93-hotel portfolio, is an Irving, Texas-based real estate investment trust with 27,000 rooms in 27 states and Canada.