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DelMonte Hotel Group and Rockbridge acquire Courtyard Providence Downtown for renovation

Apr 18, 2024•over 1 year ago

Acquiring Company

DelMonte Hotel Group

Acquired Company

JW Marriott Desert Ridge

RochesterColumbusBethesdaHospitalityFinancial Services

Description

The Courtyard Providence Downtown, operated by Marriott, has been acquired by DelMonte Hotel Group and Rockbridge. The new owners have exciting plans for a top-to-bottom renovation of the hotel, marking DelMonte's first venture into Rhode Island. Rockbridge, with its extensive experience in hospitality-focused investment, is thrilled to grow its partnership with the acquisition of the Courtyard Providence Downtown.

Company Information

Company

DelMonte Hotel Group

Location

Rochester, New York, United States

About

With over 45 years of hospitality experience, the DelMonte Hotel Group has a proven track record of building quality assets and maximizing returns without sacrificing guest satisfaction. Consistently recognized as one of the top hotel management companies in the country, the DelMonte Hotel Group continues to build an expanding portfolio that defines excellence. DHG owns and operates across a multi-brand platform including Marriott and Hilton.

Company

Rockbridge

Location

Columbus, Ohio, United States

About

Rockbridge, a vertically-integrated, hospitality-centered investment firm with more than 24-years in business, has been investing in and building brands in the hospitality and commercial real estate industries. The business has made over 295 investments in 39 states worth over $10.3 Billion in total capitalization and has over $3.8 Billion in assets under management.Rockbridge has built a family of hospitality, development, and management company brands, and its continued success is a result of its core Rocks: Relevance, Relationships, Resilience, and Responsibility. Rockbridge has been honored for a fourth consecutive year as a top, philanthropic community-focused organization in Central Ohio.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed