News for the Hospitality Executive
The Procaccianti Group Completes the Acquisition of the
PROVIDENCE, R.I., Feb. 7, 2012 -- The Procaccianti Group (TPG), announced that it has completed the acquisition of the 365 guest room Holiday Inn Baltimore Inner Harbor. This acquisition brings TPG's current national hospitality portfolio to 61 hotels throughout 23 states representing nearly 17,000 guest rooms.
"The Holiday Inn Baltimore Inner Harbor is an outstanding addition to our national portfolio and represents TPG's continued commitment to acquire and operate well-located, quality hotels that are, or have the potential to be leaders within their market," said Robert Leven, TPG's Chief Investment Officer. "We believe this hotel is properly positioned to benefit as the market continues to rebound and key performance indicators improve."
This 13-story hotel, located at 301 West Lombard Street, benefits from an ideal location in the heart of downtown Baltimore. Guests at the Property benefit from immediate proximity to the Inner Harbor retail and entertainment district, the National Aquarium, the downtown CBD, Baltimore Convention Center, Camden Yards, M&T Bank Center, and University of Maryland, Baltimore. In addition, the Property offers approximately 12,000 square feet of indoor meeting space, diverse food and beverage outlets, fully-equipped fitness center, indoor pool, sauna, and business center.
About The Procaccianti Group (TPG)
The Procaccianti Group (TPG), founded in 1964, is a second generation privately-held real estate investment and management company with a broad national platform concentrated on quality hospitality assets. Throughout five decades the Company has owned or managed hundreds of real estate assets surpassing 25 million square feet with a value exceeding $5 billion.
TPG has established an outstanding track record of creating value by maximizing operating efficiencies of hotels, restaurants, retail outlets, parking facilities and convention centers. TPG's value-add model is achieved through a fully integrated approach that drives deployment of the company's aggressive operations, asset management, financial management, product positioning, and sales & revenue management strategies.
For more information go to www.tpgcompanies.com.
About TPG Hospitality
TPG Hospitality is considered among the nation's elite hotel companies by evidence of its consistent national ranking as a top hospitality manager and top hospitality construction company. These results have earned TPG preferred status as an approved operator of all the major hotels brands including Hilton, Hyatt, InterContinental, Marriott, Wyndham, and Starwood.
Via TPG's proprietary value optimization process, TPG creates unprecedented value by exploiting a hotel's operational inefficiencies via techniques refined through years of hospitality management experience. Having sustained growth, invested, and operated through several market cycles, the company is able to position properties to prosper in up cycles and mitigate risk in down cycles through highly skilled hands‐on management.
It is through TPG's proven ability to tailor its value‐add strategy, either as an owner/operator or third party hospitality manager that lenders, servicers, portfolio owners and investors have repeatedly realized above market performance.
For more information please visit www.tpghospitality.com
Ralph V Izzi Jr.
Web Site: http://www.tpgcompanies.com
Procaccianti Group Acquires the Tudor Hotel at the United Nations and
the Holiday Inn SoHo; Appoints Louis Llach as Manhattan Area Manager
/ September 2007
Procaccianti Group Names Sam Guedouar General Manager of the Providence
Westin / July 2006
Procaccianti Group Restructures Partnership and Assumes Management of
the 626 room Grosvenor Hotel, Orlando Florida / July 2006
Procaccianti Group Starts Conversion of the Holiday Inn Downtown
Providence to The Hilton Hotel Providence; Redevelopment Includes
Complete Interior and Exterior Renovations / August 2005
Rhode Island Convention Center Authority Votes to Sell the State-owned
Westin Providence to The Procaccianti Group; The Board Rejects Governor
of Rhode Island Plea to Halt Sale / March 2005
Procaccianti Group's Unpaid Loans from the Credit Union Crisis of the
Early 1990s, Leaves Deal to Acquire the Rhode Island Owned Westin
Providence for $95.5 million in Doubt / January 2005
Providence Bids Ranged from $70 million to $96 million; Starwood Hotels
& Resorts Has 45 days to Counter Offer Procaccianti's $95.5 million
Offer / December 2004
Group Considers Acquiring the 405-room Norfolk Waterside Marriott
Hotel; Plans Include $8 million Renovation / July 2003
Group Acquires Richmond Marriott in Virginia; $12 million Renovation
Planned / Aug 2002