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The Procaccianti Group Acquires Three Hotels at
 Well Below Replacement Cost from Host Marriott
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PROVIDENCE, R.I., July 21, 2003 — The Procaccianti Group (TPG), a New England-based, full-service, privately owned hotel ownership, management and construction company, today announced that it has completed the acquisition of three Marriott hotels from Host Marriott (NYSE: HMT). The Plascencia Group from Tampa, Fla., and Atlanta, Ga.-based Thompson Calhoun and Fair represented the seller. TPG plans to invest approximately $15 million in moderate renovations to the three hotels.
   
“These are quality, upscale, full-service assets, acquired at well below replacement cost, that can benefit from a strategic capital improvement program,” stated Gregory D. Vickowski, chief financial officer.  “We believe that we are at the bottom of the current economic cycle, making now an opportune time to purchase quality hotels.  We plan to have the renovations completed in time to take full advantage of the expected recovery in the economy and in business travel demand.  Further, we are very pleased to have the opportunity to build on our relationship with Marriott International, whose service standards, brand recognition, distribution systems and Rewards® program are among the finest in the hotel industry.”

Norfolk Marriott Waterside
The 405-room Norfolk Marriott Waterside is located at 235 E. Main St. in Norfolk, Virginia.  Hotel amenities include 45 meeting rooms comprising 60,000 total square feet of meeting space (including the Waterside Conference Center), three restaurants, self-service laundry facilities, concierge service, indoor pool, state-of-the-art fitness center and sauna.  Guest rooms are equipped with two-line telephones with data ports, refrigerator, iron and ironing board.  The hotel also contains 99 “Rooms That Work®” guest rooms specifically designed for business travelers.
   
“The Norfolk hotel represents TPG’s second owned and managed convention center property, as well as our third full service hotel in Virginia, providing us with unique synergies and cross marketing opportunities,” Vickowski noted.  “With the Norfolk area experiencing an economic rejuvenation, the hotel is an ideal addition to our portfolio of first-class, full-service hotels along the Eastern seaboard.”

Palm Beach Garden Marriott
Located at 4000 RCA Blvd. in Palm Beach Gardens, Fla., the 279-room, 11-story Palm Beach Garden Marriott is within minutes of a large number of corporate headquarters, including 3M Implant Innovations, AT&T Wireless, Embraer Services, Inc., and Florida Power & Light.  The hotel provides a business center, secretarial services, two concierge floors, outdoor pool, state-of-the-art health club, whirlpool, sauna, Sebastian’s Grill restaurant and a cocktail lounge.  Each room comes with phones equipped with voice mail and data ports, refrigerator, iron and ironing board.
   
“Palm Beach Gardens is one of the most affluent areas in the United States,” Vickowski said.  “With the continuing growth in downtown West Palm Beach, the airport and along PGA Boulevard in Palm Beach Gardens, we feel now is an opportune time to purchase such a strong, local performer.”

Waterford Marriott
Situated at 6300 Waterford Blvd, in Oklahoma City, Okla., the 197-room Waterford Marriott is an AAA four-diamond hotel.  Among the hotel’s amenities are a restaurant, cocktail lounge, laundry valet, hair salon/barber, concierge services, secretarial services and a business center.  All rooms contain telephones with voice mail and data ports, refrigerator, iron and ironing board and bathrobes.  The hotel is located near the Baptist Medical Center, Frontier City Amusement Park, Myriad Convention Center, the National Cowboy Hall of Fame and a variety of other local attractions. 
   
“The Waterford name has long been recognized as one of the area’s finer hotels,” Vickowski pointed out.  “With a comprehensive renovation plan and the addition of our proprietary marketing and management systems, we firmly believe the Waterford Marriott will be poised to become the undisputed leader in its segment.”

The Procaccianti Group (TPG) has long-standing affiliations with quality hospitality brands that include Marriott, Hilton, Starwood, Radisson and InterContinental.  The company’s portfolio includes the 401-room Richmond Marriott in Virginia, the 250-room Hilton Boston Dedham in Massachusetts and the 274-room Holiday Inn in downtown Providence, Rhode Island. Geographically, the company’s properties range from New Hampshire to Florida and are located as far west as Illinois. 

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 among the top 50 hotel owner/operators in the country.

 
Contact:
The Procaccianti Group
Chris Daly
(703) 435-6293
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Also See: Procaccianti Group Considers Acquiring the 405-room Norfolk Waterside Marriott Hotel; Plans Include $8 million Renovation / July 2003

Procaccianti Group Acquires Richmond Marriott in Virginia; $12 million Renovation Planned / Aug 2002


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