MONTEREY, CA— Ocean Park Hotels has procured 97.5% of the total capitalization it needed to acquire and renovate the Hilton Hotel here via a $26.3-million first mortgage and mezzanine investment from RockBridge Capital, LLC. With the help of this loan, OPH will be able to renovate the 204-room hotel at a cost of $5.2 million. The renovation’s scope of work includes the property’s exterior, public areas and guestrooms, which will receive larger guest bathrooms, a new furniture, fixtures and equipment package, wireless Internet access and an upgraded on-demand HVAC. Prior to OPH’s acquisition, the Monterey Hilton had been underperforming. The renovation is expected to be completed in the spring of 2006. RockBridge and OPH have now partnered on five transactions within the past year that collectively amount to $70 million worth of capitalizations.
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