October 23, 2017
(October 2017) Providence, RI – Procaccianti Companies, the nation’s premier privately-held owner & developer of quality hospitality assets, today announced it completed three acquisitions, inked several 3rd party management agreements, opened a first-of-its-brand hotel in the state of California and completed more than a dozen hotel renovations and/or brand conversions. The company remains on-track for a record year.
“Having owned and operated hotels throughout multiple market cycles over the past 30 years, we have established a fully integrated platform that enables the company to capitalize on prevailing market conditions” states Rob Leven, chief investment officer for Procaccianti Companies and TPG Hotels & Resorts. “The first 9-plus months of 2017 have certainly been active in terms of aligning our national portfolio with evolving consumer trends and changing demographics”.
Year-to-date highlights include:
- The grand opening of the first branded AC Hotel in the state of California, which Procaccianti Companies built from the ground up and now managed by TPG Hotels & Resorts.
- The acquisition of several upscale, select-service properties, including the Staybridge Suites in St. Petersburg, Fla, and the SpringHill Suites in Wilmington, N.C.
- On-going, ground-up construction of 210 room MOXY hotel located at the intersection of 11th & K Streets in Washington, DC. TPG Hotels & Resorts will manage the hotel upon completion.
- Broke ground on a new Residence Inn in Providence, R.I.
- Took over management of the 258-room Le Meridien Dallas by the Galleria
- Completed more than $100 Million in property improvements which included major renovations at The InterContinental Kansas City at the Plaza, Hilton Scottsdale Resort & Villas, DoubleTree Resort Paradise Valley and several brand conversions including the Hilton Garden Inn Providence, formerly a Wyndham property.
Since its inception in 1958, the organization has evolved into a highly diverse family of companies delivering multi-faceted solutions that encompass all aspects of real estate investment and management. “Our fully integrated platform of operating companies enables us to ‘multi-task’ when executing property-specific value creation initiatives,” Leven added. “For instance, while TPG Construction, our renovation and development company, was completing the finishing touches on the new AC Hotel in San Jose, TPG Hotels & Resorts our management division, was planning the grand opening event and pre-booking sales for the hotel. Concurrently, our asset management company, Provata Asset Management was authoring the ongoing asset management plan to maximize investment returns for our capital partners”.Procaccianti Companies has several additional properties under agreement with anticipated closing dates throughout Q3 while eying multiple pending deals for the remainder of the year.
About TPG Hotels & Resorts
Procaccianti Companies (est. 1958) is nationally ranked, fully-integrated real estate investment and services firm headquartered in Rhode Island. Procaccianti Companies focuses on core, core plus, value add and opportunistic investments in all sectors of real estate. Throughout nearly six decades Procaccianti Companies has owned or operated real estate in over 110 cities in 30 states coast to coast. The Company has an extensive network of financial, brand, broker, and investment partners that enable the Company to execute its business strategy and sophisticated platform to maximize yields, drive asset value, and deliver above-market risk adjusted returns.
About Procaccianti Companies
Pre-approved by all the leading global hotel brands, TPG Hotels & Resorts is an operator of hospitality assets across all chain scales with an historical operating platform of over 150+ branded, independent and boutique hotels comprising more than 25,000 guestrooms in 30 states. Today, TPG Hotels & Resorts is a top tier, U.S.-based Hospitality Management Company generating over $840 Million in annual revenue. TPG is a vertically integrated organization actively engaged in hotel operations, development and acquisition/asset repositionings across the country.