RENO, Nevada—RockBridge today announced the recent closing of a $15 million first mortgage investment to finance the development of a 126-room Hyatt Place in Reno, Nevada. James T. Merkel, Managing Director of RockBridge, made the announcement.
The Hyatt Place has excellent access and visibility along US 395, the primary north-south corridor through Reno. Situated at the main entrance to the Reno-Tahoe International Airport and within two miles of the Reno-Sparks Convention Center and downtown Reno, the Hyatt Place is well located to capture corporate demand from major employers such as IGT, Microsoft, Intuit, Arrow Electronics, among others. The Hyatt Place Reno will offer all-suite accommodations and in-room amenities such as the Hyatt Grand Bed, a living room w/ large sectional sofa and ottoman, work area integrated w/ 42” plasma television, and complimentary high-speed internet access. Other property amenities include a self check-in kiosk, an inviting wine / espresso bar, complimentary continental breakfast, and the Guest Kitchen offering freshly prepared and made-to-order dining options.
The Sponsor is InterMountain Management, LLC (“InterMountain”) located in Monroe, Louisiana. InterMountain has 25 years of experience in the hospitality industry and currently owns and/or operates over 60 hotels under various flags such as Marriott, Hilton, Starwood, & Hyatt select-service and extended-stay brands. The Hyatt Place Reno represents RockBridge Capital’s fifth transaction with InterMountain over the past three years.
RockBridge provides capital to the hospitality industry through its RockBridge Hospitality Funds and First Mortgage Investment Program. The principals of RockBridge have formed and managed nine investment funds totaling nearly $1 billion, across multiple platforms with both institutional and private investors. Focused on creating value for their hotel operating partners, RockBridge invests first mortgage, mezzanine, and equity capital in hotels throughout the U.S. Since 1992, RockBridge has invested in over 325 assets nationwide with aggregate transaction capitalization of nearly $5 billion. For additional information about RockBridge, visit www.rockbridgecapital.com.