Procaccianti Companies Acquires The Postcard Inn on The Beach in St. Pete Beach, Florida

TPG Hotels & Resorts to Manage Hotel

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. November 16, 2017

CRANSTON, R.I. November 16, 2017 — Procaccianti Companies, the nation's premier privately-held owner & developer of quality hospitality assets, today announced the acquisition of the 196-room Postcard Inn on The Beach in St. Pete Beach, Fla., for an undisclosed amount. TPG Hotels & Resorts, Procaccianti Companies' wholly owned operating company, will manage the property. This marks the 5th acquisition completed this year, putting the company on track for a record year in 2017.

“With its irreplaceable beachfront location, the Postcard Inn is a wonderful addition to our national portfolio,” said Rob Leven, chief investment officer, Procaccianti Companies. “Our experience in the state provides us unique knowledge of the best practices and pitfalls common to running a successful property in Florida.”

Located at 6300 Gulf Boulevard, on a barrier island in the Gulf of Mexico, the property is near the Salvador Dali Museum, Clearwater Marine Aquarium and Great Explorations Children's Museum. The hotel offers 2,280 square feet of meeting space in The Sunset Ballroom, the largest pool in St. Pete Beach, a Tiki Pavilion and the Garden Courtyard with 5,616 square feet of outdoor event space. Dining options include the nationally recognized PCI Beach Bar and Snack Shack and the recently renovated Boathouse Kitchen & Bar. Rooms feature newly remodeled bathrooms, Wi-Fi access, surf photography from local St. Pete artists and stylish sitting areas.

Leven added, “With supply concerns emerging in many markets across the country, we continue to focus on unique properties in markets with high barriers to entry. Our acquisition approach allows us to take advantage of positive overall demand fundamentals nationally, without significant concern of additional supply. The Postcard Inn St Pete Beach is perfectly aligned with that investment strategy.”

About TPG Hotels & Resorts

TPG Hotels & Resorts is a fully accredited operator and developer of the industry's most respected brands including InterContinental, Hilton, Hyatt, Marriott, Starwood and Wyndham that together represent over 40 hotel flags. With over 50 hotels surpassing 16,000 guestrooms currently under management in 21 states coast to coast, TPG Hotels & Resorts has a proven track record of meeting the stringent demands of the major corporate brands and is recognized throughout the industry as a leader in performance, service, and quality. TPG Hotels & Resorts' senior operational and development executives lead a national workforce of approximately 8,000 highly skilled professionals dedicated to effectively balancing the priorities of the brands, ownership groups and management while delivering exceptional guest experiences.

About Procaccianti Companies

Procaccianti Companies is a diversified real estate investment and services organization. The firm, founded in 1958, is headquartered in Cranston, Rhode Island. Procaccianti Companies focuses on core, core plus, value add and opportunistic investments in all sectors of real estate. Throughout nearly six decades and hundreds of transactions across the United States, Procaccianti Companies has established an extensive network of financial, brand, broker, and investment partners that enables the Company to deploy its vertically integrated platform of operating companies to maximize yields, drive asset value, and deliver above-market risk adjusted returns.

Contact:
Chris Daly
chris@dalygray.com
(703) 435-6293