RockBridge Partners, a division of RockBridge, today announced the acquisition of the 290-room Hilton Baton Rouge Capitol Center, adding a 56th property to their portfolio of owned hotels. As part of the acquisition, the property will undergo a $7.1 million renovation. James T. Merkel, President and CEO of RockBridge, made the announcement. Prism Hotels & Resorts sourced this off-market deal to RockBridge.
The one-of-a-kind hotel and market leader in Baton Rouge is located on the Mississippi River in downtown Baton Rouge, between the State Capitol and Louisiana State University. The historic property recently underwent a more than $60 million comprehensive renovation, which has positioned it in the market as the hotel for business, leisure, and group travelers. Dramatic views overlooking the Mississippi River provide a unique guest experience. Guest amenities include over 20,000 square feet of meeting space, an outdoor pool, a garden deck, and the Viking Cooking School Outdoors.
Dallas-based Prism Hotels & Resorts, one of the fastest growing full-service hotel investment, management, and development companies in the country, will manage the property.
“Prism brought this off-market opportunity to RockBridge because of their reputation as straight-shooters and deal-closers,” said Steve Van, CEO of Prism. “Our business model is to acquire off-market, full-service deals with value-add upside, and this historic 290-room Hilton fits that perfectly.”
Jim Merkel, CEO of RockBridge commented, “Acquiring a premium-branded, historic property at a significant discount to replacement cost aligns well with our investment philosophy. Further, Prism brings with them a deep knowledge of the hotel and intimacy with the market, and we are excited to build a new relationship with them.”
RockBridge is an integrated hotel investment firm that has executed on over 300 debt and equity hotel investments in the U.S. over the past two decades. Since 1992, RockBridge’s team has invested nearly $3 billion in the hospitality industry as part of approximately $5 billion of total transaction capitalization. The principals of RockBridge have formed and managed nine hospitality-focused investment funds across multiple platforms with predominantly institutional investors. For additional information about RockBridge, visit www.rockbridgecapital.com.
About Prism Hotels & Resorts
Dallas-based Prism Hotels & Resorts is one of the fastest growing full-service hotel investment, management and development companies in the United States. The company currently manages more than 56 hotels for multiple owners including urban, suburban and resort destinations. Prism is approved to manage all major brands, as well as has extensive experience with independent destination hotels. For more information, please visit www.prismhotels.com.