TPG Completes Acquisition of St. Louis Marriott
Addition of TPG's 9th Marriott Full Service Asset Brings National Portfolio Total to 49
MARCH 5, 2007. Cranston, Rhode Island-based real estate developer/hotelier, The Procaccianti Group (TPG), today announced the purchase of the Marriott St. Louis West. In a deal brokered by Jones Lang LaSalle, TPG purchased the hotel from Baur Properties for an undisclosed amount.
"The Marriott St. Louis West is a quality asset located in an area with built-in demand fueled by expansive corporate growth," said Greg Vickowski, Chief Financial Officer for The Procaccianti Group. "We intend to invest heavily in renovations and apply our expertise as specialized hospitality owner/operators. Combine this with our great relationship with Marriott and we are confident this will result in a positive impact on the property."
The St. Louis Marriott West, TPG's ninth Marriott full-service asset, features 300 well appointed and spacious guestrooms, many with sweeping views of the surrounding wooded trails and lake. The Hotel features the popular Regatta Bar and Grille, room service, business center, health club, an indoor and separate outdoor pool and Concierge Lounge. This market leader also boasts plus or minus 14,000 SF of state-of-the-art meeting space including the column-free 6,500 SF Grand Ballroom and the 3,000 SF Maryville Ballroom, which was added in 2000.
The Property is situated directly off of I-64/40 in the west St. Louis County suburb of Town & Country, where it benefits from excellent highway accessibility and visibility. In addition, it is part of the Class A, 1.4 million SF Maryville Centre office park, boasting 93.0 percent occupancy. The Property also benefits from its location adjacent to Maryville University's 130-acre campus as well as the expanding St. Luke's Medical Center.
Wachovia Bank provided financing for this acquisition which represents the fourth hospitality investment made by TPG Hospitality Investments IV, a joint venture between The Procaccianti Group and CalPERS created in May of 2006.
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 
