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PLYMOUTH MEETING, PA-RockBridge Capital is closing on an $11.7-million first mortgage investment in the 150-room Hyatt Summerfield Suites, here. The money is going towards a refinancing existing debt for the hotel, which is preparing for a $1.3-million renovation, according to Gavin Freytag, VP at Rockbridge.

The hotel–owned and operated by Wichita, KA- based LodgeWorks–is not doing any structural or façade adjustments to the Hyatt, Fregytag tells GlobeSt.com. The changes will mainly be interior upgrades of furniture, bedding, window treatments and televisions in the rooms, he explains. The renovations are planned to wrap-up between the end of the Q1 of 2009 and mid-year. The loan was put together through a partnership with an unnamed insurance company, Freytag says, and works is part of a long-term relationship RockBridge has with LodgeWorks.

The Hyatt sits seven miles northwest of Philadelphia, situated in a suburban office and retail market near interstates 276 and 476. The room rates run around $125 per night for a suite containing a kitchen, walk-in closet and work space. RockBridge specializes in providing capital to the hospitality industry through its RockBridge Hospitality Funds and First Mortgage Investment Program.

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