�The Dedham Hilton Place is an ideal addition to our fast-growing portfolio of high quality hotels in the Northeast,� said Gregory D. Vickowski, Executive Vice President of Finance.  �The property will benefit from synergies and economies of scale with its sister hotels in our portfolio.  Following the completion of the renovation, the Dedham Hilton Place will be well positioned to assume a leadership role in the Dedham market.�

The Plasencia Group (TPG), a Tampa-based hotel investment banking and advisory firm, represented TIAA/CREF in the transaction.  According to Dan Peek, Vice President of TPG, this transaction �was an opportunity for TIAA/CREF to realize a key goal of their portfolio management strategy, while presenting The Procaccianti Group with a property well suited to their core business of renovating and repositioning existing hotels�.

�The acquisition of this hotel perfectly aligns with our business model of taking underperforming hotels, upgrading them and re-energizing management to improve competitiveness, market penetration and asset value,� noted Vickowski. 

Located at 25 Allied Drive, the four-story hotel is located in the heart of the Northeast technology corridor, just 20 minutes from downtown Boston. Hotel amenities include an outdoor walking trail, Gables Restaurant, lobby lounge, Parachutes Lounge, more than 12,000 square feet of meeting space and the Profiles Fitness Center, which features an indoor pool, sauna, whirlpool, cardiovascular and weight machines, racquetball courts and outdoor tennis.

The Procaccianti Group Signs Management Contract for the Hotel Syracuse in New York
 

On February 7, 2002 The Procaccianti Group announced that it is providing management services to Valdor Fiber Optics to manage the 650-room Hotel Syracuse in Syracuse, New York.  The hotel is the 15th property in the company�s growing portfolio of managed hotels. �With our varied portfolio of owned and managed hotels throughout the Northeastern United States, the Procaccianti Group can draw upon it�s resources to maximize this hotel�s earning potential,� said Gregory D. Vickowski, Executive Vice President of Finance.  �As a mid-sized company, the Procaccianti Group is small enough to provide the hands-on, one-on-one service that is vital to managing this type of hotel,� noted Vickowski.   �Yet, we are large enough to have the management depth, systems and purchasing synergies to efficiently manage the hotel and the extensive meeting and function space it offers.� Located in the heart of the Syracuse business and entertainment districts, the Hotel Syracuse is surrounded by numerous shopping, dining and business

The Hotel Syracuse has built a reputation as the premier hotel in Central New York. Designed by the architectural firm of George B. Post & Sons, specialists in hotel design who also planned many of the Statler hotels, the Hotel Syracuse opened in 1924. In addition to offering 456 rooms with baths, the Hotel featured retail stores and an emergency hospital. Like many urban hotels of the era, the red brick building was faced with light sandstone at the base, tall arched windows, carved Ionic columns, pictorial keystones, garlands, and classical pediments. The hotel enjoyed a $6 million renovation and restoration in 1993 that returned the public areas to their original 1920's splendor, including central New York's most elegant ballrooms.

Named one of the �Historic Hotels of America,� the hotel�s 456 deluxe accommodations include 12 suites and mini-suites.  Hotel amenities include a health club with pool, sauna, whirlpool and complete weight and aerobic training machines; business center; complimentary airport transportation; USAir ticket office; florist; gift shop; Bernardi�s Grill; and Coach Mac�s Sports Bar and Grill.

Founded in 1958, the Procaccianti Group is a full-service real estate company that acquires, manages and rehabilitates full-service hotels. The company is engaged in hotel and commercial property acquisitions, property management and construction.