LOS ANGELES According to James Merkel, vp for RockBridge Capital, when it comes to hospitality investment, his company is drawn to the right opportunities. That said, there must be a considerable number of such opportunities out there, with the firm halfway through its first fund and planning to put together a second shortly.
Primarily engaged in providing bridge financing, first mortgages and mezzanine debt, the company has so far done about three-quarters of its deals in the lodging/hospitality arena, Merkel said, doling out about $50 million of its initial $100-million fund raised through institutional investment and high-net-worth individuals. Accordingly, he said the company plans to undertake a second fund sometime in the second quarter of the year, with a capitalization target at this time of about $150 million (to be raised over the course of the next year).
In discussions with HOTEL BUSINESS., Merkel pointed out that the Columbus, OH-based firm s goal is to continue to do good deals. He added that he and his associates see considerable deal-making opportunity in the mid-market sector; certainly more than enough to keep us busy. (1/18/01) Michael Billig