Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Carl Cronan is editor of Real Estate Florida.)

ROCKY MOUNT, NC-A complicated transaction has resulted in RockBridge Capital LLC becoming the owner of a 461-room hotel portfolio here, according to HREC Investment Advisors. The value of the deal, which also includes a conference center and vacant land, is not being disclosed.

HREC says it brokered the sale for Rocky Mount Tectel, a partnership comprised of a prominent North Carolina developer plus several Miami-based investors. The portfolio includes a Doubletree Hotel, a Residence Inn, a Comfort Inn and a Courtyard by Marriott.

Rocky Mount Tectel originally hired HREC to arrange financing for the conversion of a 168-room Holiday Inn to the Doubletree flag. However, after due diligence and meetings with the owners, HREC recommended trying a finance and sale strategy simultaneously.

RockBridge Capital, a Columbus, OH-based firm originally selected to provide financing, acquired the portfolio after a planned sale to a third party fell through, according to HREC. RockBridge’s business plan includes new management, financing and value enhancement, as well as allowing the local developer to remain a passive investor.

“They started as a lender, but when the opportunity arose were equally satisfied to invest equity in order to meet the needs of our client,” Ronald Muzii, senior VP of HREC’s office in Boca Raton, FL, said in a news release. “During the due diligence process, they added tremendous value.”

Scott Stephens, HREC principal in Tampa, FL, credits Muzii’s “creativity and diligence” in pulling together the deal. “HREC is extremely proud to have been able to facilitate such a complex deal during a time in our industry when the capital markets are in such turmoil,” Stephens says.

Headquartered in Denver with several offices nationwide, HREC is a real estate brokerage and investment banking firm focused on the hospitality industry. The firm handles hotel and resort sales and is also active in refinancing and debt placement on existing hotels and development projects.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.