COLUMBUS, Ohio, Jan. 28, 2014 /PRNewswire/ -- Rockbridge Partners, a division of Rockbridge, announced today the acquisition of Aqua Waikiki Wave Hotel in Honolulu, Hawaii, marking the company's 330th hotel investment. The 247-room hotel is located one block from Waikiki Beach and adjacent to the International Market Place.
"The acquisition of Aqua Waikiki Wave demonstrates the reach of Rockbridge," said Jim Merkel, president and chief executive officer of Rockbridge. "Our ability to identify and effectively execute hotel investments by leveraging our organization's strengths enables us to pursue opportunities in top-performing markets across the country. We look forward to exploring options to elevate the standard of Aqua Waikiki Wave to capitalize on the location." Merkel indicated that RB Hotel Development will manage the project and Pyramid Hotel Group will operate the hotel.
Centrally located in a world-renowned tourism and retail market, the hotel is immediately adjacent to the International Market Place, an open-air mall currently undergoing a $350 million redevelopment. Expected to draw millions of annual visitors, the new International Market Place will transform into a 360,000 square foot, three-story shopping destination anchored by Saks Fifth Avenue.
Aqua Waikiki Wave is in the midst of urban Honolulu, and includes 247 spacious guestrooms, private lanai balconies, and modern island-inspired decor. An ideal surrounding for families and savvy travelers, the Honolulu neighborhood of Waikiki is an evolving expression of the ancient spirit of aloha, with diverse demand drivers including a world-class beach, superior shopping experiences, dining, entertainment and abundant activities, from surfing lessons to hiking the Waikiki Historic Trail. For more information about Aqua Waikiki Wave, visit www.aquawaikikiwave.com.
Rockbridge is a private equity firm that invests in hotels. Since 1992, Rockbridge's team has formed and managed ten institutional private equity funds and executed on more than 325 hotel investments in 45 states in transactions worth more than $5 billion. An integrated hospitality firm and the market leader in hotel investment for more than 20 years, Rockbridge's cycle-tested investment strategy has enabled the company to successfully manage risk while creating solutions that deliver current cash flow and create long-term value. For additional information about Rockbridge, visit www.rockbridgecapital.com.