Downtown Hilton sold; buyer says a $7.1M renovation in store

Columbus, Ohio-based hotel investment firm RockBridge Capital today announced its acquisition of the 290-room Hilton Baton Rouge Capitol Center downtown, and says the property will undergo a $7.1 million renovation. Prism Hotels & Resorts, which took over management of the downtown property earlier this year, will continue to run the hotel in partnership with the new owner. It was acquired from Commercial Properties Realty Trust, the for-profit arm of the Baton Rouge Area Foundation, for an undisclosed price. A Prism Hotels spokesman told Daily Report earlier this month the deal was expected to close for around $40 million—considerably less than the $70 million Commercial Properties spent restoring the hotel several years ago. “Our business model is to acquire off-market, full-service deals with value-add upside, and this historic 290-room Hilton fits that perfectly,” says RockBridge CEO Jim Merkel in a prepared statement. “Acquiring a premium-branded, historic property at a significant discount to replacement cost aligns well with our investment philosophy. Further, Prism brings with them a deep knowledge of the hotel and intimacy with the market, and we are excited to build a new relationship with them.” A spokesman from Commercial Properties was not available for comment as of deadline. The downtown Hilton is the 56th hotel in RockBridge’s portfolio. The company did not release a timeline or additional details on the planned renovation today.