The Procaccianti Group Acquires 8 Hotels in 2005
Portfolio Now at 40 Hotels in 15 States
CRANSTON, RI, January 26, 2006. Officials of The Procaccianti Group (TPG), a New England-based, full-service, privately owned hotel ownership, management and construction company, today announced that it completed more than $600 million in hotel acquisitions during 2005. The acquisition pace was a record for the company, making it one of the largest private acquirers of hotel real estate last year.
In conjunction with the company's rapid growth, TPG has promoted Robert Leven from executive vice president of acquisitions to chief investment officer in order to oversee the company's investment portfolio. His responsibilities will include acquisitions, dispositions and development across the company's portfolio. Based on current estimates, TPG expects to acquire more than $1 billion in hotel assets over a two-year period. In 2005, the company acquired eight hotels with more than 2,500 rooms in seven states with brand affiliations including Westin, Hilton, Marriott, and Intercontinental. "Rob's strong guidance and execution of our investment activities of the past three years gives us great confidence in his ability to help oversee investment decisions for the company's portfolio" said James Procaccianti, president and CEO.
Leven joined TPG in August 2002. During his tenure, he has been responsible for helping grow the company through acquisitions from 13 hotels with 2,800 rooms to 40 hotels with nearly 10,000 rooms.
"We have expanded across the country from our ownership base in the Northeastern corridor, and after an upcoming closing will have hotels in 15 states," Leven said. "We continue to look at opportunities and will continue to focus on buying high quality assets with top tier brand affiliations that have strong positions in their respective markets. Although cap rates still are very low on a historical basis, we continue to find selective opportunities where we can add value through strong management, renovation, or repositioning" Leven added.
Leven said the company was looking at development on a selective basis. "While ground up development is not our core strategy, we will continue to look at unique opportunities such as our Westin projects in Providence, R.I. and Portland, Maine, where there is a mixed-use component to help lower the basis of the hotel."
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