Procaccianti Restructures Partnership
Assumes Management of Grosvenor Hotel, Orlando
CRANSTON, RI, July 6, 2006 - The Procaccianti Group, one of the nation's top ten hotel owner operators, announced today they have recapitalized the 626 room Grosvenor Hotel located in Downtown Disney, Orlando Florida. The Procaccianti Group, in its Joint Venture with Realty Financial Partners provided new debt and equity in a new partnership with California-based, Grosvenor Orlando Associates.
"The Grosvenor is TPG's first Disney property and a great addition to our national hotel portfolio," states James Procaccianti, President and CEO of the Cranston RI-based Procaccianti Group. Mr. Procaccianti continues, "The location is prime and the property offers guests fantastic amenities due to its affiliation with Disney. We are planning an extensive renovation and we're committed to returning the Grosvenor to first class status."
The Grosvenor is one of seven hotels located within the Downtown Disney area and offers connectivity to all Disney attractions. Property features include recreational facilities and amenities include two lighted tennis courts, two heated pools, large hot tub, children's pool and playground, sand volleyball, basketball, state-of-the-art fitness center, video game room, in- room TV video games and movies, plus wireless web connectivity throughout the resort.
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