Airport in Texas; Will Invest $20 Million to
Renovate and Re-Flag as Westin
|CRANSTON, R.I., October 14, 2004 — Officials of the Procaccianti Group
(TPG), a New England-based, full-service, privately owned hotel ownership,
management and construction company, today announced that the company has
acquired the 506 room Harvey Hotel at DFW Airport in Dallas, Texas for
an undisclosed amount. The Dallas office of Molinaro Koger from McLean,
Va. represented the seller. The company will invest in excess of $20 million
to modernize the facility and bring it up to the high standards necessary
to convert it to a Westin hotel, Starwood Hotels & Resorts’ upper-upscale
“This is an exciting acquisition and a great addition to our expanding portfolio of upper upscale, large full service hotels,” said Gregory D. Vickowski, Chief Financial Officer. “This transaction continues to grow our relationship with Starwood Hotels, which through their innovative approach has been cited as the best upper-upscale hotel brand by Business Travel News and J.D. Power & Associates. With Westin’s renowned Heavenly Bed and Bath, Starwood’s award-winning loyalty program, Starwood Preferred Guest? and modern luxury brand standards, we intend to be the best property in the marketplace.”
Located just 1.5 miles from Dallas/Fort Worth International Airport, the 15-story hotel is situated in the heart of the DFW Metroplex, home to Dallas’ shopping, dining and tourist attractions. With almost $3 billion invested in expanding Dallas/Fort Worth International Airport, the hotel will be well positioned as a leading destination in one of the top markets in the country.
The massive renovation will touch all aspects of the hotel including all guest rooms, meeting and public spaces. The renovation is scheduled to begin January 2005 with an approximate completion date of year-end 2005. The renovation will occur in phases to minimize guest disruption.
The property offers four on-site dining options, indoor/outdoor pool, fitness room, business center, laundry, lounge, wireless high-speed Internet access and 37,000 square feet of flexible function space. Guest rooms are equipped with telephone with data port and voicemail, hairdryer, iron and ironing board. Additionally, the hotel provides shuttle service to and from the airport.
“This is our eighth acquisition in the past year and a half,” noted Vickowski. “In addition, we currently are completing between $75 and $100 million per year in hotel renovations portfolio-wide”. “With our other hotels in the region, we will be able to continue our strategy of taking advantages of synergies in purchasing, marketing and management,” added Vickowski.
Operating in its fifth decade, the Procaccianti Group is a full-service, privately owned, real estate company that acquires, manages and renovates full-service hotels. The company is engaged in hotel and commercial property acquisitions, property management, hotel construction and design. TPG 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, including Starwood’s Sheraton Richmond, Sheraton Hartford and Four Points by Sheraton Leominster, MA and over half a million square feet of meeting space in eleven states.
The Procaccianti Group
|Also See:||Holiday Inn Select Near the University of Central Florida in Orlando Acquired by The Procaccianti Group / July 2004|
|The Procaccianti Group Acquires the Tulsa Doubletree at Warren Place / February 2004|