Procaccianti Companies Acquires Newport Beach Hotel & Suites
Procaccianti Companies, one of the nation's premier real estate investment and services firms, announced the acquisition of the Newport Beach Hotel & Suites.
The Newport Beach Hotels & Suites consists of two buildings, the Historic property built in 1940 and the suite property built in 2008. The property features a rooftop deck, swimming pool, and a day spa. This acquisition also includes an additional parcel of land, allowing for further potential development opportunities. The property will be managed by the firm's hospitality management affiliate, TPG Hotels & Resorts.
"The acquisition of a property with land in an irreplaceable location aligns perfectly with our strategic growth plan in the upscale boutique, independent hotel segment," said Rob Leven, chief investment officer of Procaccianti Companies. "Newport, Rhode Island is among the top-performing leisure markets in the United States with tremendously high barriers to entry, which amplifies this acquisition as an extremely rare real estate investment opportunity."
Located on a unique strip of waterfront land, the Newport Beach Hotel and Suites features panoramic water views. The Southern view overlooks Newport's Eastons Beach, Cliff Walk, and turn of the century Mansions. In contrast, the northern view overlooks the serene Newport Pond with various bird species and natural habitats. The irreplaceable location serves as the eastern gateway to Newport's world-famous beaches, gilded age mansions, historic Thames Street, Newport Harbor, and Waterfront, as well as other area attractions, including Scenic Cliff Walk, Ocean Drive, Fort Adams State Park, The International Tennis Hall of Fame and Salve Regina University. Newport, Rhode Island, is only a 90-minute drive from Downtown Boston and a two-hour boat ride from Montauk and Martha's Vineyard.
"With their built-in demand drivers, combined with our institutional management platform, we believe we can realize significant rate gain and improved NOI," said Ben Perelmuter, President and Chief Operating Officer, TPG Hotels & Resorts. "The property will undergo a renovation to replace the soft goods in the guest rooms as well as various other facilities improvements."