Rockbridge and Hospitality Ventures Management Group (HVMG) Acquire 159-Room Sheraton Jacksonville, Florida

HVMG to Operate Hotel and Oversee $1.25 Million Renovation

ATLANTA–(BUSINESS WIRE)–Rockbridge and Hospitality Ventures Management Group (HVMG),
today announced the acquisition of the 159-room Sheraton Jacksonville
Hotel in Fla., in a joint venture for an undisclosed sum. HVMG also will
operate the hotel and oversee a planned $1.25 million property upgrade.

“The Sheraton Jacksonville Hotel marks our fourth hotel in Florida and
HVMG’s second Sheraton management take-over in 2018. Over the past ten
years, HVMG has managed 17 hotels and resorts in the state of Florida,
representing significant market knowledge and expertise,” said Robert S.
Cole, president and CEO, HVMG. “Following the million-dollar-plus
renovation, the hotel will enhance both the fitness and meeting space
areas securing its position in the Jacksonville market as the preferred
lodging option for area visitors. We are confident these upgrades will
be received well by both corporate and leisure guests and maximize
profitability.”

The $1.25 million enhancement will focus on modernizing and expanding
the hotel’s current fitness center doubling the size, as well as
enhancing public area amenities and meeting space technology.

“We have a long-standing relationship with HVMG that spans over 20
years,” said Jim Merkel, CEO, Rockbridge. “The Sheraton is a great fit
for our teams, and we are excited to work together, again!”

Located at 10605 Deerwood Park Blvd., the six-story hotel is
strategically located in the heart of the Southside of Jacksonville
convenient to the St. Johns Town Center and surrounded by large
corporate campuses. Guests will enjoy a restful night’s stay with the
Sheraton Signature Sleep Experience, comprised of luxury quality bedding
and a specialty mattress. Guest rooms also are equipped with oversized
desks and leather chairs, complimentary high-speed internet access and
bathroom amenities from Le Grand Bain. In addition to room service and a
daily breakfast buffet, guests are invited to dine at Bold City Grill, a
three-meal, casual dining restaurant featuring dark wood, granite topped
tables, high impact bar and flat panel televisions and serving
everything from gourmet salads and burgers to specialty fish. Additional
hotel amenities include more than 9,000 square feet of meeting space,
24-hour fitness center, indoor heated pool and a jogging/fitness trail.

“We believe the Sheraton is well positioned to become the preferred
brand for upper upscale business and leisure travelers seeking the
consistent quality travel experience backed by the confidence that all
Marriott brands inspire,” Cole noted.

About Hospitality Ventures Management Group

Hospitality Ventures Management Group is a privately owned, fully
integrated hotel investment and management group that specializes in
turning around and repositioning underperforming hotels, as well as
maximizing the performance of stabilized hotels. It currently operates
41 hotels in 17 states totaling 7,031 guest rooms. HVMG operates
independent and boutique hotels and resorts, as well as full-service,
select-service and extended-stay hotels under the Hilton, Marriott,
Hyatt, and IHG brands. Visit www.hvmg.com for
more information.

ABOUT ROCKBRIDGE

Rockbridge has been investing in and building brands for nearly 20
years. The business has made 228 hotel investments in 38 states worth
$6.2 billion in capitalization. Rockbridge’s continued success is a
result of building a team and culture that is intensely collaborative,
innovative, curious, and focused. These attributes are among a strong
set that have positioned Rockbridge as a leading investor and partner.
In 2018, Rockbridge was honored as the top, philanthropic company in
Central Ohio based on its number of employees. Learn more about
Rockbridge at www.rockbridgecapital.com.

Contacts

Daly Gray, Inc.
Chris Daly, 703-435-6293
chris@dalygray.com

leverton

I have been involved with publishing and marketing for the past 32 years. My passion is helping people share their voice. I am able to do this through two important venues: One, with Area-Info.net where people can share everything from opinions to events to news. It is your choice! What do you want to share? Two, through a new program called America's Real Deal I am involved with to help business owners get their voice heard.I schedule speaking engagements with community groups and business groups to share my passion about the importance of "sharing your voice".Contact me directly at lee@leeeverton.coom for scheduling information.