The Procaccianti Group (TPG) Completes Acquisition of Marriott St. Louis West
|
The Procaccianti Group (TPG) Completes Acquisition of Marriott St. Louis West
|
Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2007-03-05
Cranston, Rhode Island-based real estate developer/hotelier, The Procaccianti Group (TPG), today announced the purchase of the Marriott St. Louis West. In a deal brokered by Jones Lang LaSalle, TPG purchased the hotel from Baur Properties for an undisclosed amount.
“The Marriott St. Louis West is a quality asset located in an area with built-in demand fueled by expansive corporate growth” states Greg Vickowski, Chief Financial Officer for The Procaccianti Group. Vickowski continues “We intend to invest heavily in renovations and apply our expertise as specialized hospitality owner/operators. Combine this with our great relationship with Marriott and we are confident this will result in a positive impact on the property.”
The St. Louis Marriott West, TPG’s ninth Marriott full-service asset, features 300 well appointed and spacious guestrooms, many with sweeping views of the surrounding wooded trails and lake. The Hotel features the popular Regatta Bar and Grille, room service, business center, health club, an indoor and separate outdoor pool and Concierge Lounge. This market leader also boasts ±14,000 SF of state-of-the-art meeting space including the column-free 6,500 SF Grand Ballroom and the 3,000 SF Maryville Ballroom, which was added in 2000.
The Property is situated directly off of I-64/40 in the west St. Louis County suburb of Town & Country, where it benefits from excellent highway accessibility and visibility. In addition, it is part of the Class A, 1.4 million SF Maryville Centre office park, boasting 93.0 percent occupancy. The Property also benefits from its location adjacent to Maryville University’s 130-acre campus as well as the expanding St. Luke’s Medical Center.
Wachovia Bank provided financing for this acquisition which represents the fourth hospitality investment made by TPG Hospitality Investments IV, a joint venture between The Procaccianti Group and CalPERS created in May of 2006.
|
|
