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  Holiday Inn Select Near the University of Central Florida
in Orlando Acquired by The Procaccianti Group 

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PROVIDENCE, R.I., July 19, 2004 — Officials of The Procaccianti Group (TPG), a New England-based, full-service, privately owned hotel ownership, management and construction company, today announced that the company has acquired the Holiday Inn Select near the University of Central Florida in Orlando for an undisclosed amount from Jefferson Pilot.
 
The Procaccianti Group also announced plans to spend $4.5 million on renovations, which will focus on refurbishing the public spaces and upgrading all rooms and suites to better service guests. 

“This is a quality, upscale, full-service asset, acquired well below replacement cost, which should significantly benefit from a complete renovation” said Gregory D. Vickowski, chief financial officer.  “Business travel is definitely improving, making now an opportune time to purchase and renovate commercial hotels.  We will be well positioned for future growth in this market and to take advantage of the economic recovery underway.  Further, we 


Holiday Inn Select
12125 High Tech Ave 
Orlando, Florida
are very pleased to have the opportunity to build on our relationship with Intercontinental, whose service standards, brand, and distribution systems are among the best in the hotel industry.”

The Holiday Inn Select UCF is located at the entrance to the University of Central Florida in the Quadrangle Office Park, home to such multi-national corporations as Siemens Westinghouse.  It is situated in the high-tech corridor of East Orlando in close proximity to the Central Florida Research Park, one of the top 10 research parks in the world. 

The hotel features 249 rooms and suites, a rental car station and airport shuttle service.  The hotel’s amenities include a business service center, high speed Internet service and executive floors.

“This acquisition is perfectly consistent with our strategy of taking well located, full-service hotels and adding value through strategic renovations, remarketing and service enhancements,” noted Vickowski.  “We will continue to seek similar acquisition opportunities.”

Founded in 1958, The Procaccianti Group is a full-service, privately owned, 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 ranked among the top 30 hotel owner/operators in the country.


 
Contact:

The Procaccianti Group
Chris Daly
(703) 435-6293

Also See: The Procaccianti Group Acquires the Tulsa Doubletree at Warren Place / February 2004
Procaccianti Group Spending $4.5 million to Move Tulsa's Doubletree Hotel Away From the Traditional Three-restaurant, One-ballroom Formula Common During the 1980s / April 2004


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