(Crystal Proenza is associate editor of Real EstateFlorida.)

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

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RockBridge decided to invest for three reasons, Diffley tellsGlobeSt.com, including the historical strength of the Sarasotamarket. "Above that, the hotel development site has an excellentlocation directly across from the main entrance to SarasotaInternational Airport and is in close proximity to the beaches,with convenient access to Downtown for business travelers aswell."

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Diffley adds that RockBridge likes the Hyatt Place brand, whichis designed as the next generation concept of hotels for thecontemporary multitasking traveler. "This will be one of the firstground-up developments of a new Hyatt Place," he says, rather thana conversion from an existing AmeriSuites, a brand that GlobalHyatt Corp. acquired in 2005 and is revamping into the newchain.

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The Sarasota Hyatt Place will offer amenities such as the HyattGrand Bed, a living room with large sectional sofa and ottoman,work area integrated with a 42-inch plasma television andcomplimentary high-speed Internet access. White's Lodging willcomplete construction of the hotel at the end of this year, aheadof schedule, says Diffley. The hospitality company, which alsocurrently owns and operates a Hawthorn Suites in Naples, willmanage the hotel.

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"We think Hyatt Place is an innovative brand with a greatreputation for guest services," says White. "It was named the topmid-scale full service brand by JD Power and Associates."

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