NEW YORK, May 18, 2022 /PRNewswire/ -- In conjunction with Churchwick Partners, David Kaye and Joe Listhaus of Rockledge purchased nine extended stay hotels across six states.
The total transactions consisted of 1,085 keys and were sold by three different sellers. The hotels are in the following states: Alabama (2), Ohio (2), Tennessee (2), Colorado (1), Illinois (1), and New York (1).
Rockledge and Churchwick are excited to partner with J&P Asset Management to bring a fresh operating perspective to these assets. One asset was bought through auction, one fully on market, and the seven others were part of the larger Sonesta portfolio and brokered by CBRE. The brands involved were Choice Hotels International, IHG and Sonesta.
Rockledge and Churchwick Partners have formed a significant partnership backed with decades of combined experience in real estate, investment banking and specialty finance. The partnership enables the group to bring industry leading deal-making and operational capabilities to facilitate rapid growth. "A lot more" explained Joe Listhaus of Rockledge when asked how many future transactions he foresees.
"The Sonesta transaction presented a generational opportunity for an entrepreneurial team like Churchwick and Rockledge to reimagine what the customer experience can look like in hospitality. Through the worst operating environment since the Great Depression, the extended stay hotel model has provided predictable and durable cash flows. We are excited to deploy our process to maximize the potential of these assets and enhance the customer experience for our guests," stated Jaime Gitler of Churchwick Partners.
About Rockledge ( www.rockledgecre.com )
Contact: Eli Greenberg ? 646-601-6069 ? firstname.lastname@example.org
Rockledge is a diversified, privately-owned real estate investment company focused on long-term value creation and repositioning properties in New York City and the surrounding areas. Currently, the company owns commercial, retail, and multi-family residential buildings throughout New York and New Jersey. In September of 2021, Rockledge added hospitality to their acquisitions criteria and have since closed on 10 total hotels with additional properties in contract. Rockledge is actively seeking additional extended stay opportunities across the country and is looking to close on more than 100 extended stay hotels over the next 24 months. If you have any extended stay or hospitality deals, please send to email@example.com
About Churchwick Partners ( www.churchwickpartners.com )
Churchwick Partners is a tactical real estate investment firm that seeks to deploy capital in opportunities with durable and resilient long-term cash flow. Their focus includes the acquisition of properties with upside from both long-term rate cap compression and value-added ancillary income generation. The firm's defensive strategy is to buy all-weather assets that have proven resilient to political, regulatory, and macroeconomic risks. They look to invest in assets with demonstrable acyclicality, variable cost structures, and high operating leverage. The Churchwick team brings a wide range of investment industry experience in both credit and equity from bulge bracket investment banks and private investment firms.
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