Procaccianti Companies completes acquisition of two (2) San Francisco Bay Area Lifestyle Hotels (United States)
The Lodge at Tiburon and Toll House Hotel Add to the Firm’s Expanding Portfolio of Upper Upscale Independent Hotels |
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Procaccianti Companies completes acquisition of two (2) San Francisco Bay Area Lifestyle Hotels (United States)
The Lodge at Tiburon and Toll House Hotel Add to the Firm’s Expanding Portfolio of Upper Upscale Independent Hotels |
Category: North America & West Indies / Carribean islands - United States - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2019-08-23
Procaccianti Companies, the second generation privately-held real estate investment and hospitality services organization, today announced that it has acquired two landmark Northern California hotels: The Lodge at Tiburon and Toll House Hotel located in Los Gatos. Together, the hotels comprise 228 guest rooms and suites, approximately 6,500 sf of meeting space and multiple food and beverage offerings.
“This acquisition presented an extremely unique opportunity to acquire a collection of well- positioned assets in high-barrier-to-entry markets that are supported by their superior locations, recent capital investments, stable operating performance and a strong mix of high caliber demand drivers,” stated James Procaccianti, president and chief executive officer, Procaccianti Companies. “Both hotels are in highly desirable Bay Area locations and serve as the gateway to Northern California’s Napa Valley and wine country. These are irreplaceable assets with exceptional reputations for service and quality.”The Lodge at TiburonBuilt in 1977 and renovated in 2013, The Lodge at Tiburon offers 103 guest rooms, including two spacious suites, in an unparalleled location overlooking the San Francisco Bay. Located in the affluent hamlet of Tiburon, The Lodge at Tiburon features signature dining at the Tiburon Tavern, 3,765 square feet of indoor meeting space, an outdoor pool, hot tub and an open air SkyDeck lounge. The Lodge at Tiburon is a leisure destination popular with visitors from San Francisco and serves as a premier corporate retreat location and a picturesque wedding venue.Toll House HotelBuilt in 1983 and renovated in 2012, the 115-room Toll House Hotel offers a scenic location in historic Los Gatos. The hotel features eight spacious suites, more than 6,100 square feet of indoor and outdoor meeting and event space, the popular VERGE Restaurant & Lounge and amenities including a business center and Wi-Fi access. A leading destination that caters to strong corporate and group demand, Toll House Hotel is located at the base of the scenic Santa Cruz Mountains, a gateway city to Silicon Valley. Los Gatos offers a diverse local economy with close ties to innovation and high technology, including 3,000 businesses comprised of start-ups and nationally-recognized brands. Los Gatos is the headquarters location for numerous industry-leading corporations, including tech giant Netflix, as well as Roku, Cryptic Studios, Buongiorno USA, Digital Media Academy, ImageShack and Smashwords.
Procaccianti concluded, “The Lodge at Tiburon and Toll House Hotel are strong additions to our expanding national portfolio of high quality, boutique properties, and we feel privileged to be the new custodians of these tremendous assets.”
About Procaccianti Companies
Procaccianti Companies is one of the largest and most respected privately-held real estate investment and services firms in the United States. Founded in 1958, our successful track record spans over six decades and our experience includes thousands of transactions representing more than $10 billion of diversified real estate investments. We are a vertically integrated alternative asset manager with a broad national platform having owned, developed, managed or financed investment real estate in more than 140 cities across 31 states coast to coast.
About TPG Hotels & Resorts
TPG Hotels & Resorts is an operator of high quality independent and branded hospitality assets across all chain scales. The firm’s historical operating platform of more than 160 branded, independent and boutique hotels comprising over 30,000 guestrooms in 31 states.
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