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of the 364-room Westin Providence in Rhode Island . Company Plans to Spend Several Million to Upgrade and Add 200 New Guest Rooms |
 PROVIDENCE,
R.I., December 22, 2004 -- Officials of the Procaccianti Group (TPG), a
New England-based, full-service, privately owned hotel ownership, management
and construction company, today announced that it has been selected as
the winning bidder for the acquisition of the 364-room Westin Providence
in Rhode Island from the Rhode Island Convention Center Authority.
The company plans to perform improvements to the existing hotel and invest between $40 million and $60 million to expand the hotel by 200 guest rooms on the adjacent vacant land, bringing the room total to 564. Additionally, the company will build a mixed use development containing street level retail, several floors of office space and luxury residential condominiums on the top floors. �We are very pleased to have been selected the winning bidder,� said Gregory D. Vickowski, chief financial officer. �State and city officials have done a remarkable job in stimulating investment in Providence, and we firmly believe in the future of the city and intend on being a contributor to its continued success.� Vickowski added that with GTech re-locating downtown, continued success of the Convention Center and little new room supply, TPG believes that the additional guest rooms are needed and will be absorbed quickly. �Because our organization is headquartered in Rhode Island, we believe that we are well suited to effectively manage the hotel,� Vickowski added. �In fact, we are considering moving our corporate headquarters and 100+ jobs to the new tower, to be on-site and keep a watchful eye on the hotel operations.� Located at One West Exchange Street, the 28-story hotel is situated in the heart of the city�s financial district, linked by Sky Bridge to Providence Place Mall and the Rhode Island Convention Center and within walking distance of Trinity Repertory Theater, Providence Performing Arts Center and numerous corporate headquarters. The hotel offers 18 meeting rooms with 25,000 square feet of meeting space, as well as fitness and spa facilities, indoor heated pool, sauna and the Agora Restaurant. �We have a long-standing relationship with Starwood Hotels,� Vickowski noted. �Westin is one of the most respected brands in the hospitality industry and a perfect fit with our portfolio of upscale, first-class hotels along the Eastern seaboard. �Enough can�t be said about the quality of the hotel and the great job Starwood and Authority officials have done in making the hotel a first-class facility,� Vickowski stated. �Our goal is to build upon that success and continue to operate it to the high standards Starwood has set.� Operating in its fifth decade, the Procaccianti Group is a full-service, privately owned, real estate company that acquires, manages and renovates upscale full-service hotels. The award-winning company is engaged in hotel and commercial property acquisitions, property management, hotel construction and design. TPG, which has been recognized by Hilton, Intercontinental and other major franchisors for its leading hotels, is involved in all aspects of the hotel industry, from finance sourcing to construction and design to ownership and management. The Cranston, Rhode Island-based company currently owns and manages 23 hotels, as well as more than half a million square feet of meeting and conference space in 11 states. Additionally, The Procaccianti Group manages the Waterside Convention Center in Norfolk Virginia on behalf of the City and has successfully worked with the City of Richmond Virginia, managing the Richmond Convention Center hotel attached to the City�s brand new 600,000+ square foot convention center. With a strong background in food and beverage, management of meeting and conference facilities, TPG is well suited to operate the Westin Hotel. |
| Contact:
The Procaccianti Group
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