"With the explosion of technology business in Boston and the surrounding areas, the New Hampshire hospitality market has become one of the hottest in all of New England," said James Procaccianti, president, Procaccianti Hospitality, LLC.  "This is our second hotel acquisition in the Northern Boston hi-tech area, and we look forward to expanding upon this base.  Already, we are realizing economies of scale and synergies with our Doubletree Lowell."

"This property is an ideal addition to our growing portfolio of upscale, full-service properties," noted Procaccianti.  "We continue to seek undermanaged, underperforming hotels that will benefit from substantial renovation and repositioning.  We have reflagged the Radisson Hotel & Conference Center from an independent brand and already are seeing positive effects on the bottom line.  Even with the renovation, we were able to acquire this hotel at approximately one-third of replacement cost."

The more than $3.0 million renovation will include completely upgrading all guestrooms with new soft and case goods.  Additionally, all guest bathrooms will be re-fitted with granite floors and new fixtures.  The hotel exterior and interior likewise will undergo upgrades to present a more upscale appearance.

Located at 4 Executive Drive in Merrimack, the four-floor property is within minutes of Manchester Airport, Anheuser Busch brewery and a number of corporate headquarters, including Fidelity Bank, Compaq and Lockheed Martin.  The hotel features McGaw's Tavern and Pub (full-service restaurant), indoor heated pool, jacuzzi, fully equipped health club with steam room, outdoor patio with summer dining and more than 11,000 square feet of meeting space.  Additionally, guest rooms include iron and ironing board, coffee maker, large work desk, ergonomic chair and two telephones with voice mail and data ports.

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