The Procaccianti Group Completes Purchase of Chicago Marriott Schaumburg
$23.9 Million Deal Inked with Strategic Hotel Capital, Inc.
PROVIDENCE, RI, October 13, 2005. The Procaccianti Group (TPG), announced that it has completed the acquisition of The Chicago Marriott Schaumburg from Strategic Hotel Capital, Inc. TPG closed on the $23.9 million transaction on Friday, October 7. The hotel will retain its current flag, but will undergo a 2-year, $10 million renovation, according the Jim Procaccianti, President and CEO of TPG.
Located in Schaumburg, Illinois, just off I-90 and I-290, the 398-room Chicago Marriott Schaumburg is situated in the heart of the Woodfield Corporate Center. The hotel is in close proximity to a number of Fortune 500 company headquarters and more than 25 local restaurants.
"TPG's acquisition of the Chicago Marriott Schaumburg continues our growth in the greater Chicago area," said Procaccianti. "We recently acquired The Double Tree Guest Suites, located one block from Chicago's 'Magnificent Mile', which we are currently renovating and rebranding as a Hilton Suites. We are excited to add another Chicago area property to our portfolio of quality upscale, full service assets in top markets," he added.
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