October 23, 2017
July 2017 – Procaccianti Companies, the nation’s premier privately-held owner & developer of quality hospitality assets, today announced the acquisition of the Staybridge Suites St. Petersburg Downtown in Fla. TPG Hotels & Resorts, Procaccianti Companies’ wholly owned operating company, will manage the 119-suite hotel.
“Over the past several decades we’ve owned and operated dozens of properties in the Sunshine State, a testament to our continued faith in the strength of these strong leisure and business marketplaces,” said Rob Leven, chief investment officer, Procaccianti Companies and TPG Hotels & Resorts. “The Staybridge Suites St. Petersburg Downtown enjoys an ideal location in the midst of world class sporting venues, beaches, medical facilities, educational campuses and Fortune 500 company headquarters. Following the implementation of our proprietary operations, revenue management and sales & marketing systems, we are confident this hotel will take its rightful place as the segment leader.”
Located at 940 5th Avenue South, the 5-story hotel is two blocks west of Bayfront Health St. Petersburg Hospital and John Hopkins All Children’s Hospital. In addition, the property is within walking distance of Tropicana Field, home of the Tampa Bay Rays, and driving distance of Tampa International Airport. The 119 guest suites provide home-like comforts, including a fully equipped kitchen with stove, microwave oven, refrigerator and dishwasher. Also, the suites have flexible work and living space with an oversized work desk, stereo and flat screen television. Additional hotel amenities include a full-service business center, fitness room, outdoor pool, on-site laundry facilities and ample, ‘right-sized’ meeting and function space.
“With more than 15 million annual visitors, St. Petersburg and its surrounding beaches are the most visited destination on the U.S. Gulf Coast,” Leven added. “From 2014 to 2015, the total number of visitors to the county increased by nearly 400,000, with guests spending $4.65 billion to enjoy everything the area has to offer. With this expanding tourism surge, an extended-stay hotel like the Staybridge Suites St. Petersburg Downtown is the ideal property to meet the growing demand for increased lengths of stay.”
About Procaccianti Companies
Procaccianti Companies (est. 1958) is a nationally ranked, fully-integrated real estate investment and services firm headquartered in Cranston, Rhode Island. Procaccianti Companies focuses on core, core plus, value add and opportunistic investments in all sectors of real estate. Throughout nearly six decades and with over $1.5+ billion in equity deployed, Procaccianti Companies has established an extensive network of financial, brand, broker, and investment partners that enable the Company to execute it business strategy and sophisticated platform to maximize yields, drive asset value, and deliver above-market risk adjusted returns.
About TPG Hotels & Resorts
Pre-approved by all the leading global hotel brands, TPG Hotels & Resorts is an operator of hospitality assets across all chain scales with a 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.