Procaccianti Hotel REIT, Inc. Acquires Hotel Indigo in Traverse City, Michigan
Procaccianti Hotel REIT, Inc., announced that it acquired the Hotel Indigo located at 263 West Grandview Parkway in Traverse City, Michigan on August 15, 2018. The hotel property is managed by TPG Hotels & Resorts, Inc.
The 107-room, boutique style, select-service hotel opened in May 2016 and overlooks Lake Michigan's West Grand Traverse Bay. Located in the Downtown Warehouse District, the hotel features include underground valet parking, approximately 3,000 square feet of meeting space, a fitness center, business center, restaurant and a rooftop bar overlooking West Grand Traverse Bay.
“We believe that the Hotel Indigo Traverse City is an exceptional, new vintage property with multiple built-in demand drivers - its rooftop bar, extraordinary design features, and other amenities make this premium-branded, select-service hotel a strong addition to our portfolio,” said Gregory Vickowski, Chief Financial Officer of Procaccianti Hotel REIT, Inc.
The hotel is expected to continue to benefit from the area's strong leisure and corporate demand stemming from the major attractions and employers in immediate proximity. With a wealth of restaurants and wineries, Traverse City is becoming a popular destination for food and wine enthusiasts. The area's many historic buildings have been renovated and now house modern shops, art galleries, restaurants and craft breweries. Traverse City is also home to several major events, including the National Cherry Festival and Traverse City Film Festival, founded by film director Michael Moore.
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 
