TPG's National Portfolio Surpasses 15,000 Guest Rooms
Cranston, Rhode Island-based real estate developer/hotelier, The Procaccianti Group (TPG), today announced the purchase of the 356 room Marriott Buffalo Niagara. In a deal brokered by Molinaro Koger, TPG purchased the hotel from Westmont Hospitality Group for an undisclosed amount.
"The Marriott Buffalo Niagara is a quality asset located in an area with built-in demand fueled by premier educational institutions, a thriving business climate, and a world class tourist attraction," said Gregory Vickowski, Chief Financial Officer for The Procaccianti Group. "We intend to implement a comprehensive renovation strategy and apply our expertise as specialized hospitality owner/operators. This represents our 10th full service Marriott property further solidifying our relationship with this top quality brand. When you combine all these factors, we are confident this will result in a positive impact on the property," added Vickowski.
The 356-room Marriott Buffalo Niagara was built in 1981, and underwent renovations in 2004 and 2005. The hotel is the only full-service Marriott in the Buffalo area and is prominently situated adjacent to the University of Buffalo: State University of New York (SUNY) in Amherst, New York. Located just six miles from the Buffalo Niagara International Airport and surrounded by corporate demand generators, the property is the hotel of choice for Buffalo's corporate travelers.
In addition, the hotel is just 20 miles from one of the most popular tourist destinations in the country, Niagara Falls, which attracts over 14 million tourists each year to the American and Canadian Falls. The hotel also includes 11,500 square feet of meeting space, Houlihan's Restaurant serving lunch and dinner and a lobby restaurant serving breakfast. Other facilities include a concierge lounge, indoor swimming pool and whirlpool, fitness center, gift shop, and business center.
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 57 hotels totaling 15,041 guest rooms in 20 states and employs 7,400 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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