PG Enhances National Portfolio with Upscale All Suite Purchase
Providence, Rhode Island-based real estate developer/hotelier, The Procaccianti Group (TPG), today announced the purchase of six (6) Sheraton Suites Hotels. TPG purchased the portfolio from Starwood Hotels & Resorts Worldwide, Inc. & IHV International for an undisclosed amount.
"These are high quality upscale assets in primarily urban markets. The acquisition is consistent with our strategy of acquiring high quality physical assets at significant discounts to replacement cost in vibrant market areas," stated Robert Leven, Chief Investment Officer for The Procaccianti Group. "We intend to invest in renovations and apply our expertise as specialized hospitality owner/operators to unlock further value in the portfolio. We are also pleased to further expand our relationship with Starwood, who we consider to be one of our key business partners."
The six asset portfolio consists of 1,492 two-room suites in key locations: Alexandria (Old Town) Virginia, Columbus Ohio, Dallas (Market Center) Texas, Country Club Plaza in Kansas City Missouri, Wilmington Delaware and Elk Grove Village IL. All six hotels will continue to fly the Sheraton flag under long-term franchise agreements. TPG will operate the hotels.
SHERATON SUITES ALEXANDRIA OLD TOWN
The Sheraton Suites Alexandria Old Town is located in the historic City of Alexandria. The 247-suite hotel opened in 1990 as a Marriott Suites. The hotel includes 3,117 square feet of meeting space, a restaurant, lounge and an indoor swimming pool. The hotel shares a subterranean parking garage with an adjacent office building.
SHERATON SUITES WILMINGTON
The Sheraton Suites Wilmington is located in the heart of downtown Wilmington, Delaware. The 223-suite hotel includes 4,132 square feet of meeting space, a restaurant, lounge, and an indoor swimming pool. In 2002, the hotel expanded its meeting facilities by converting several guest bays on the second floor into three adjoining legal conference center suites.
SHERATON SUITES COLUMBUS
The Sheraton Suites Columbus is located off of Interstate 270 (I-270) in the northern suburbs of Columbus, eleven miles north of the CBD. The 261-suite hotel includes 2,390 square feet of meeting space, a restaurant, lounge and an indoor and outdoor swimming pool.
SHERATON SUITES CHICAGO ELK GROVE
The Sheraton Suites Chicago Elk Grove is located in suburban northwest Chicago, and is one of the anchor buildings in a Class A Northwest Point office park. The 253-suite hotel includes 5,437 square feet of meeting space, a restaurant, lounge, and an indoor and outdoor swimming pool.
SHERATON SUITES COUNTRY CLUB PLAZA
The Sheraton Suites Country Club Plaza is located approximately five miles south of the CBD of Kansas City in the nationally recognized Country Club Plaza district. The 257-suite hotel includes 2,910 square feet of meeting space, a restaurant, lounge, and an indoor and outdoor swimming pool.
SHERATON SUITES DALLAS- MARKET CENTER
The Sheraton Suites Dallas Market Center is located approximately two miles northwest of the Dallas CBD off of Interstate 35 (I-35), also known as the Stemmons Freeway. The hotel includes 251 suites, 2,349 square feet of meeting space and an indoor and outdoor pool.
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 more than 20 million square feet of real estate, valued at nearly $6 billion.
The Procaccianti Group currently owns 56 hotels totaling 14,485 guest rooms in 19 states and employs 6,700 people from coast to coast with 150 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.
The Procaccianti Group is one of the top 5 privately held owner operators of hospitality assets in the United States.
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