Tuesday, June 17, 2008
$59.6 million acquisition of nine Fairfield Inns by Marriott
Hotel & Motel Management Week In Review
Wilton, NH June 17, 2008…ROK Builders announced that it has been awarded a contract to refurbish nine Fairfield Inns by Marriott. The hotels are owned by subsidiaries of OZRE FFI Holdings LLC, which is controlled by Och-Ziff Real Estate Advisors LP, an affiliate of Och-Ziff Capital Management Group LLC ("Och-Ziff").
The contract work commenced on April 14 and all nine properties will be complete by summer 2008.
In order to expedite the schedule and reduce room revenue displacement, ROK will be working on the renovation for the nine Fairfield Inns by Marriott in three phases, completing three hotels in each phase. The schedule for each hotel involves renovating each guest floor and returning the guestrooms to service in less than two weeks.
The renovation comprises work on the guest rooms, bathrooms, corridors, public areas, and exterior at each of the nine Fairfield Inns by Marriott. The hotels are located in New Hampshire, Massachusetts, Vermont, New York, and Connecticut.
"The Fairfield Inns by Marriott renovation project gives ROK Builders experience with yet another large, multiple property project and national hotel brand," said Fred Roedel III, President of ROK Builders. "We have already successfully renovated or constructed multiple La Quinta Inn & Suites, Hilton Garden Inn, Hampton Inn & Suites and Holiday Inn Express branded properties."
ROK Builders is a hotel construction management company specializing in new hotel design, construction and renovations primarily in the limited, mid-service, upscale and extended-stay market segments. Since 2004, ROK Builders has designed, built and renovated 29 hotels throughout the Eastern United States and its principals have a combined 40 years experience designing, building and renovating hotels.
About Och-Ziff Real Estate Advisors LP
Och-Ziff Real Estate Advisors LP is an affiliate of Och-Ziff Capital Management Group LLC ("Och-Ziff"). Och-Ziff is a leading, global institutional alternative asset management firm and is one of the largest alternative asset managers in the world, with approximately $33.8 billion of assets under management for over 700 fund investors as of June 1, 2008. For more information, please visit www.ozcap.com.
About ROK Builders:
ROK Builders is a wholly-owned subsidiary of Roedel Companies, LLC (www.roedelcompanies.com). Its expertise in the hotel construction business has earned it a reputation for delivering well-designed and cost efficient hotels on time and on budget. New hotels and hotel renovations are designed to maximize revenue, control costs, and deliver optimal free cash flow to owners and investors. To learn more about ROK Builders visit www.rokbuildersllc.com or contact Fred B. Roedel, III at 603-654-2040, ext. 105 or fredroedel@roedelcompanies.com