�With nearly half a billion dollars of current and future investments in the downtown area and the expansion of its convention center, Richmond has established itself as an attractive destination that the city expects will generate a resurgence in tourism and business travel to the area,� said Gregory D. Vickowski, Executive Vice President of Finance.  �With this acquisition, The Procaccianti Group becomes the largest owner and operator of hotel guest rooms in Richmond, as well as owner of the headquarters hotel for the largest convention center in the state.
�The property will benefit from synergies and economies of scale with its sister hotel in our Richmond portfolio.  Following completion of the renovation of the hotel and the adjacent, upgraded convention center, the Marriott Richmond will be ideally situated to become the market leader for convention, small meeting and leisure business.  Our goal for this hotel is to make it the hotel of choice in downtown Richmond.

�None of this would have been possible without the long-term vision, excellent cooperation and firm support of the Richmond city leadership,� added Vickowski.  �We acquired the mortgage to a troubled property and were able to creatively finance it at an attractive price, take it out of bankruptcy and re-invigorate the convention center host hotel.  With the renovation, it will significantly strengthen the quality of hotels in downtown Richmond.  This certainly has been one of the most complex and innovative transactions with which we have been involved and has been a win-win situation for the property�s former creditors, the city of Richmond, hotel employees and The Procaccianti Group.�

Located at 500 East Broad Street, the 18-story hotel is directly opposite to the recently upgraded Richmond Centre for Conventions and Exhibitions in downtown Richmond, Va.  Each guest room is equipped with voice mail, data ports, cable/satellite TV, in-room movies, complimentary weekday newspaper delivery and in-room coffee and coffee maker.  Hotel amenities include a restaurant, lounge, self-service laundry, shoe shine, concierge service, gift shop and full business center.

The renovation will upgrade the hotel to meet Marriott�s brand standards.  All public space will be completely upgraded and re-configured to provide a more user friendly feel for guests.  Additionally, a new cigar bar and Starbucks café/pastry shop will be added.  The  hotel�s second floor swimming pool and athletic room will be upgraded, as well.  All 10 suites and the concierge level will be completely refurbished, as will each of the individual guest rooms throughout the hotel.

�The Procaccianti Group has a proven track record of purchasing underperforming hotels, investing to upgrade both systems and physical needs and turning properties around to become market leaders,� noted Vickowski.  �Earlier this year, we successfully completed a similar transaction with the Dedham Hilton Place in Massachusetts, where we quickly turned around a distressed hotel in an ideal location.

�The Richmond Marriott is a cornerstone of the city�s downtown redevelopment,� said Richmond city manager Dr. Calvin D. Jamison.  �Richmond continues to have unparalleled growth, as is evidenced by the numerous investment projects totaling nearly half a billion dollars currently under way, including the new performing arts center and federal courthouse.  A viable anchor hotel for the new convention center is essential to the success of the area.�

Built in 1982, the Richmond Marriott is directly opposite the new 693,000 square-foot Greater Richmond Convention Center and Exhibition Hall.    Additionally, the hotel is located adjacent to the city�s Bio-Technology Park campus and minutes away from the Riverfront and historic Canal Walk area.

�We are pleased to welcome The Procaccianti Group as a new partner in the re-vitalization of Richmond,� said William Harrell, deputy director of economic development.  �The downtown area has turned the corner and is seeing a further infusion of private investment that undoubtedly will help to maintain Richmond�s standing as a favored business and leisure destination.  I am proud of the teamwork between the Procaccianti Group and staff led by the city�s Department of Economic Development.�

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.   The Procaccianti Group is among the top 50 hotel owner/operators in the country with 16 hotels totaling 3,679 guest rooms in eight states.