Hospitality/RockBridge JV Takes Hotels for $86M

ATLANTA-A joint venture of locally based Hospitality Ventures and Columbus, OH-based RockBridge Capital LLC has acquired four Embassy Suites and one Sheraton Suites hotels with a total of more than 1,000 rooms. The purchase price was $86 million, which translates to approximately $85,000 per room.

The properties, which were acquired from affiliates of FelCor Lodging Trust, were the 130-room Embassy Suites Brunswick at 500 Mall Blvd. in Brunswick, GA; the 279-room Embassy Suites Dallas Park Central at 13131 N. Central Expressway in Dallas; the 251-room Embassy Suites Detroit-Troy/Auburn Hills at 850 Tower Dr. in Troy, MI; The 244-room Embassy Suites Tulsa at 3832 S. 79th East Ave. in Tulsa, OK and the 155-room Sheraton Suites Lexington and French Quarter Square Retail Center at 2601 Richmond Rd. in Lexington, KY.