Management of the 626 room Grosvenor Hotel, Orlando Florida
July 6, 2006 - The Procaccianti Group, one of the nation's top ten hotel owner operators, announced today they have recapitalized the 626 room Grosvenor Hotel located in Downtown Disney, Orlando Florida. The Procaccianti Group, in its Joint Venture with Realty Financial Partners provided new debt and equity in a new partnership with California-based, Grosvenor Orlando Associates.
"The Grosvenor is TPG's first Disney property and a great addition to our national hotel portfolio," states James Procaccianti, President and CEO of the Cranston RI-based Procaccianti Group. Mr. Procaccianti continues, "The location is prime and the property offers guests fantastic amenities due to its affiliation with Disney. We are planning an extensive renovation and we're committed to returning the Grosvenor to first class status."
The Grosvenor is one of seven hotels located within the Downtown Disney area and offers connectivity to all Disney attractions. Property features include recreational facilities and amenities include two lighted tennis courts, two heated pools, large hot tub, children's pool and playground, sand volleyball, basketball, state-of-the-art fitness center, video game room, in- room TV video games and movies, plus wireless web connectivity throughout the resort.
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 nearly 10 million square feet of real estate totaling more than $3 billion in assets.
The Procaccianti Group currently owns and operates 42 hotels from coast to coast with 11,000 guestrooms and employs nearly 6,000 people with 200 professionals based at the corporate headquarters in Rhode Island. TPG is comprised of various companies engaged in hospitality management, mixed-use development, design and construction, purchasing, property management, asset management and lending.
|Also See:||The 626-room Grosvenor Resort at Walt Disney World Files for Bankruptcy; Unable to Repay $51 million in Debt / February 2004|
|The Procaccianti Group Acquires the 311-room Wyndham Colorado Springs; Plans $11 million Renovation and Conversion to Marriott Brand / February 2006|