The Procaccianti Group (TPG) Acquires Hyatt Regency LexingtonThe Procaccianti Group (TPG) Acquires Hyatt Regency LexingtonThe Procaccianti Group (TPG) Acquires Hyatt Regency LexingtonRhode Island-based real estate developer/hotelier, The Procaccianti Group (TPG), announced today the purchase of the Hyatt Regency Lexington. Located in Lexington, Kentucky, the hotel was purchased from Goldman Sach's Whitehall Street Real Estate Fund and affiliates of Highgate Holdings for an undisclosed amount. The hotel will continue to operate as a Hyatt Regency under a license agreement with Global Hyatt Corporation. "Lexington is a very dynamic hospitality market," said Procaccianti Group Chief Investment Officer Rob Leven. "We think that the Hyatt Regency has the potential to be the premiere hotel in the market due to its location at the very center of downtown Lexington along with its connection to Lexington Center and Rupp Arena. Our extensive plans for renovating and positioning this hotel will again establish the Hyatt Regency in its rightful place as the true market leader." Global Hyatt Corporation has recently developed a limited franchise program for a select group of qualified operators for hotels that meet certain criteria. "TPG has demonstrated the proven expertise and systems to maintain Hyatt's exacting standards, and the Hyatt Regency Lexington is a good fit for our program," said Steven R. Goldman, Global Hyatt Corporation's executive vice president of acquisitions and development. As a new franchise operator for Hyatt, TPG will look to continue to grow its portfolio of hotels by adding Hyatt to its stable of brands. "We are honored to be approved as a franchise operator by Global Hyatt Corporation, and we intend to deliver the quality and high guest satisfaction that distinguishes Hyatt Regency convention center hotels from those of other upscale brands," Leven said. "TPG will look to bring other new acquisition and development opportunities to the Hyatt system." The 365-room Hyatt Regency Lexington is an integral component of a mixed- use development known as Lexington Center. Lexington Center encompasses a downtown city block bordered by Broadway to the east, West High Street to the south, Patterson Street to the west and Vine Street to the north. The Center, which completed a twenty-four month, $52-million renovation and expansion in September 2004, includes the Lexington Convention Center, which has 66,000 square feet of exhibition space and 40,000 square feet of meeting rooms. Lexington Center also offers the 23,600-seat Rupp Arena, home of the University of Kentucky Wildcats; the Lexington Opera House, a vintage theatre that seats more than 1,000; and the Shops at Lexington Center, a 75,000-square-foot shopping mall. TPG's expertise includes working closely with entities similar to the Lexington Center Corporation. "We have a great track record of coming in and building strong relationships between the headquarter hotel and the convention center," said Leven. "We plan to continue to build upon the positive relationship that the Hyatt Regency currently has with Lexington Center and the Downtown Development Authority." Downtown Development Authority president and CEO Harold Tate told Tom Martin of Business Lexington, "This is a great step in the continuing positive efforts toward the redevelopment of downtown. With the completed renovation of the Lexington Center, the rehabilitation of the Hyatt Regency, the completion of 500s on Main and all the other activities downtown, our downtown will become the 'Gem' of the Bluegrass." About The Procaccianti Group (TPG) The Procaccianti Group (TPG) is a second generation, privately held real estate investment company that specializes in acquisition, renovation and management of investment real estate. TPG has owned or developed over 17 million square feet of real estate valued at more than $4 billion. TPG is comprised of various companies engaged in hospitality management, mixed-use development, design and construction, purchasing, property management, asset management and lending. TPG currently owns 47 hotels totaling 12,195 guest rooms in 17 states and employs approximately 6,000 people from coast to coast with 200 professionals based at the corporate headquarters in Rhode Island. The Procaccianti Group is one of the top ten of privately held hotel owner/operators in the United States. For more information visit http://www.procgroup.com/. About Global Hyatt Corporation There are 217 Hyatt branded hotels and resorts (over 90,000 rooms) in 43 countries around the world, operating under the Hyatt(R), Hyatt Regency(R), Grand Hyatt(R) and Park Hyatt(R) brands. Currently, there are an additional 47 Hyatt hotels and resorts under development, including 15 new hotels in China. Global Hyatt Corporation is also the owner of Hyatt Vacation Ownership, Inc. operator of the 12 Hyatt Vacation Club timeshare and fractional residential properties, Hyatt Equities, L.L.C. (hotel ownership), Select Hotels Group L.L.C. (which owns, manages and franchises 163 AmeriSuites hotels, Hyatt Place and Summerfield Suites hotels) and U.S. Franchise Systems, Inc. (which franchises 95 Hawthorn Suites, and 265 Microtel Inns and Suites). From the U.S. and Canada, reservations for any Hyatt hotel worldwide may be obtained by calling 1-800-233-1234 or logging onto http://www.hyatt.com/. Contact: Ralph V Izzi Jr. Marketing Communications Director 401.490.2866 SOURCE -0- 01/12/2006 /CONTACT: CONTACT: Ralph V Izzi Jr., Marketing Communications Director of TheProcaccianti Group, +1-401-490-2866, [email protected] /Web Site: Web site: http://www.procgroup.com/http://www.hyatt.com/ CO: The Procaccianti Group Global Hyatt Corporation ST: Kentucky Rhode Island IN: TRA LEI RLT SU: PDT -- -- EF00501122006en 01/12/2006 14:39 UTC http://www.prnewswire.com |
