197-ROOM HOTEL ACQUIRED IN ANN ARBOR

ANN ARBOR, MICH. — RockBridge Partners, an affiliate of RockBridge Capital, has acquired a 197-room, full-service Sheraton hotel in Ann Arbor. RockBridge plans to complete a comprehensive $8 million renovation on the property and convert the hotel from a Four Points by Sheraton to the flagship Sheraton brand. The renovation will begin in December with completion expected in May 2011. The property will receive upgrades to the exterior façade, a full renovation of the public areas, an expansion of the fitness center and enhanced meeting space. Additionally, the guestrooms will be refurbished with upgraded bedding and a soft and case goods package. Amenities include a full-service restaurant and bar, an indoor/outdoor pool, a fitness center, a business center and more than 16,000 square feet of meeting space. Terms of the acquisition were not released.