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RockBridge Partners Buys $45M Portfolio

ROCKY MOUNT, NC-The purchase includes four hotels, office/retail and nearly five acres.

By Crystal Proenza | Updated on August 07, 2008

ROCKY MOUNT, NC- RockBridge Partners LLC, the equity platform affiliate of RockBridge Capital LLC, has acquired a four-hotel portfolio that includes 461 rooms, 31,933 sf of office/retail property and a 4.6-acre parcel of land for $45.9 million. The hotel investor bought the portfolio from William Hull Jr., who will remain a passive joint venture partner, says D.J. Effler, vice president with RockBridge Capital’s investment group.

“Bill Hull believes in the project and kept 25% of the ownership entity,” Effler tells GlobeSt.com. “He is the original developer of the hotels and had some passive investors out of Florida that were looking to exit for estate planning purposes.”

The location of the property, as the main hospitality exit in Rocky Mount one mile from a spot on Interstate 95 that is equidistant between New York and Florida, played a big part in RockBridge’s interest, according to Effler. “What we really like is these hotels serve distinct markets from a hotel traveler perspective,” he says.

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