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| Renaissance Meadowlands Hotel Rutherford, NJ |
RUTHERFORD, N.J., Feb. 11, 2013— RockBridge Partners, a
division of RockBridge, and Concord Hospitality Enterprises, one of the
top-ranked hotel developer/owner/operators in North America, today announced
the acquisition of the 167-room Renaissance Meadowlands Hotel in
Rutherford, NJ for an undisclosed amount.
Both companies have a history with this asset, with Concord
having developed the hotel in 2000 and managed it through two subsequent
ownership changes, and RockBridge having provided first mortgage financing for
the hotel upon its opening.
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| James T. Merkel |
The hotel will embark on a $5.25 million major renovation
that will include the guest rooms and bathrooms, public space upgrades,
expanded fitness center, and the Renaissance Great Room concept which will be a
redesign of the common spaces within the hotel like the lobby, check in area,
and restaurant. The concept of the great room will be to create “more fluid,
organic spaces where individuals and small groups of travelers can enjoy
"relaxing work" and "social business."
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| Mark Laport |
“The property has an
excellent location and, with the planned renovation, we look forward to
improving this Renaissance’s leadership position in the market,” said Jim
Merkel, President and CEO of RockBridge.
“RockBridge and Concord have a long, successful history investing
together and we are pleased to have them as our partner.”
“This transaction represents Concord’s continued confidence
in the north Jersey market,” said Mark Laport, President of
Concord. “We currently are developing
two other hotels in Northern New Jersey in addition to the 7 that Concord has
in its current managed portfolio.
“Major metro areas like northern New Jersey typically
present significant barriers to entry, but as the industry continues its
rebound, the right projects with the right partners increasingly making
sense.
" RockBridge has been a trusted,
valued partner in several ventures over the past 10 years, and I am certain
that this asset will be a strong addition to both of our portfolios.”
For a complete copy of the company’s news release, please
contact:
Chris Daly,
Lauralee Dobbins
(703) 435-6293
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