Procaccianti Group Acquires Wyndham Colorado Springs
Plans $11 million Renovation and Conversion to Marriott Brand
PROVIDENCE, RI, February 22, 2006. The Procaccianti Group (TPG), a New England-based, full-service, privately owned hotel ownership, management and construction company, today announced that it has acquired the 311-room Wyndham Colorado Springs from Thayer Lodging for an undisclosed amount. TPG plans to invest approximately $11 million to upgrade all private and public interior space and convert the hotel to the full-service Marriott brand over the next 12 months.
"This property is the latest in our recently announced plans to acquire $1 billion in upper, upscale hotel assets," said Robert J. Leven, chief investment officer. "Furthermore, it is consistent with our strategy of acquiring underperforming assets that, through renovation, brand repositioning, and focused management, can become the leading hotel in its respective market."
Located at 5580 Tech Center Drive, the nine-story hotel is within close proximity of the Rocky Mountains, Colorado Regional Airport, US Air Force Academy, Gardens of the Gods Park and the Pioneers Museum. As part of the renovation/conversion process, TPG will completely upgrade all interior space, from the lobby through the guest rooms, to include all soft and hard goods. "We are excited about adding another full-service Marriott to our portfolio," Leven added. "We look forward to continuing the expansion of our relationship with this internationally recognized hotel company."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
