ATLANTA-A joint venture of locally based Hospitality Ventures and Columbus, OH-based RockBridge Capital LLC has acquired four Embassy Suites and one Sheraton Suites hotels with a total of more than 1,000 rooms. The purchase price was $86 million, which translates to approximately $85,000 per room.

The properties, which were acquired from affiliates of FelCor Lodging Trust, were the 130-room Embassy Suites Brunswick at 500 Mall Blvd. in Brunswick, GA; the 279-room Embassy Suites Dallas Park Central at 13131 N. Central Expressway in Dallas; the 251-room Embassy Suites Detroit-Troy/Auburn Hills at 850 Tower Dr. in Troy, MI; The 244-room Embassy Suites Tulsa at 3832 S. 79th East Ave. in Tulsa, OK and the 155-room Sheraton Suites Lexington and French Quarter Square Retail Center at 2601 Richmond Rd. in Lexington, KY.

The joint venture plans to do $30 million in renovations to the properties over the next several months. The Embassy Suites Brunswick has 3,328 sf of meeting space, the Embassy Suites Dallas Park Central has 7,770 sf of meeting space, the Embassy Suites Dallas-Troy/Auburn Hills has more than 5,000 sf of meeting space, Embassy Suites Tulsas has more than 4,000 sf of meeting space and the Sheraton Suites Lexington and French Quarter Square Retail Center has more than 7,000 sf of meeting space and 37,000 sf of retail space.

“This joint venture’s acquisition of five Hilton franchised properties in growth markets is consistent with our firm’s strategy of buying and repositioning under-achieving premium branded hotels,” says Hospitality Ventures president & CEO Robert Cole, in a released statement.

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