RockBridge Invests $14M in Hyatt Place

(Crystal Proenza is associate editor of Real Estate Florida.)

SARASOTA, FL-Columbus, OH-based RockBridge Capital LLC has invested $14.2 million in the development of a 114-room Hyatt Place at 960 University Parkway. Chris Diffley, vice president of the firm’s investment group, says the first mortgage provides 80% of the capitalization of the project being developed by Naples-based White’s Lodging. Construction costs for the hotel are $9.5 million, with a total project cost of approximately $15 million, according to Tom White, co-founder of White’s Lodging.

RockBridge decided to invest for three reasons, Diffley tells GlobeSt.com, including the historical strength of the Sarasota market. “Above that, the hotel development site has an excellent location directly across from the main entrance to Sarasota International Airport and is in close proximity to the beaches, with convenient access to Downtown for business travelers as well.”