The Procaccianti Group Purchases Two Hotels in Springfield, Ill.

PROVIDENCE, R.I April 1, 2003 The Procaccianti Group (TPG), a New England-based, full-service, privately owned hotel ownership, management and construction company, today announced that it has purchased the 288-room Crowne Plaza and the 140-room Holiday Inn Express in Springfield, Ill., from an institutional investor.

The two properties, which are adjacent to each other providing strong operational synergies, represent the first investment of the company's recently announced $400 million hotel acquisition fund and the company's first entry into Illinois.

"This is an important first step towards reaching our goal of doubling our portfolio within the next few years," said Robert Leven, TPG executive vice president of acquisitions. "These acquisitions are the first of a number we expect to be completing in the next six to 12 months.

"The Crowne Plaza Springfield is the premier meeting hotel not only in Springfield, but in all of Southern Illinois," added Leven. "The Crowne Plaza recently was named 'Illinois Hotel of the Year' by Illinois magazine, and has been named the best hotel in the entire Crowne Plaza system. The Crowne Plaza is representative of the level of asset quality that we will be targeting in our future acquisitions."

The Procaccianti Group (TPG) has long-standing affiliations with quality hospitality brands that include Marriott, Hilton, Starwood, Radisson and Six Continents. The company's portfolio includes the 401-room Richmond Marriott in Virginia, the 249-room Hilton Dedham Place in Massachusetts and the 295-room Holiday Inn in downtown Providence, Rhode Island. Geographically, the company's properties range from New Hampshire to Florida and are located as far west as Illinois.

Founded in 1958, The Procaccianti Group is a full-service, privately owned real estate company that acquires, manages and rehabilitates full-service hotels. The company is engaged in hotel and commercial property acquisitions, property management and construction. The Procaccianti Group is among the top 50 hotel owner/operators in the country.


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