Churchwick Partners and Rockledge Complete Sonesta Portfolio Acquisitions, Adding Another 347 Keys Across Three States

NEW YORK, June 27, 2022 /PRNewswire/ -- In conjunction with Churchwick Partners, David Kaye and Joe Listhaus of Rockledge completed their Sonesta portfolio acquisition by adding another 347 keys across three hotels in three separate states. The assets included Sonesta ES Suites in St Louis, MO, Sonesta ES Suites Minneapolis in Eagan, MN and Simply Suites Detroit Southfield in Southfield, MI. 

Last month, Churchwick and Rockledge closed on the first portion of the portfolio consisting of 7 Sonesta hotels, which accounted for 1,085 keys across 6 states. The Churchwick and Rockledge teams are excited to close this transaction and look forward to building their pipeline of extended stay hotels throughout the rest of 2022 and beyond.

The collaborative group is actively looking for extended stay hotels in dense markets across the United States. They have begun with a strong foothold in the Midwest and Southeast. The companies are open to exploring other markets that have extended stay hotels over 80 keys.

Jaime Gitler, a partner at Churchwick Partners had this to say about the completion of the acquisition:

"Being able to execute a complicated transaction and financing in one of the worst credit environments in the last 10 years is a continued testament to our differentiated approach. The wealth of experience in capital markets coupled with a best-in-class operational team continues to position Rockledge and Churchwick as preferred partners to sellers. History will show that execution in this time period will be a defining highlight in our storied enterprise."

Churchwick Partners and Rockledge now own a total of 1,519 keys across the US. Please reach out to the contact below if you have a deal you think they would be interested in.

About Rockledge (www.rockledgecre.com)

Contact: Eli Greenberg – 646-601-6069 – eli@rockledgecre.com 

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, hospitality 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 deals@rockledgecre.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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SOURCE Rockledge