The Procaccianti Group (TPG) Enters Into Definitive Agreement to Acquire Portfolio of Six Sheraton Suites from Partnership Between Starwood Hotels and Resorts and IHV International
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The Procaccianti Group (TPG) Enters Into Definitive Agreement to Acquire Portfolio of Six Sheraton Suites from Partnership Between Starwood Hotels and Resorts and IHV International
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2007-05-16
TPG 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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