Procaccianti Acquires Two New York Hotels
Appoints Louis Llach as Manhattan Area Manager
PROVIDENCE, RI, September 19, 2007. Rhode Island-based real estate developer/hotelier, The Procaccianti Group, today announced the acquisition of two (2) New York City hotels; the 300-room Tudor Hotel at The United Nations and the 227-room Holiday Inn SoHo. The Procaccianti Group also announced the appointment of former Helmsley Enterprises Operations Director, Louis Llach, as Area Manager.
"We have been interested in the NYC market for some time and, despite the significant asset appreciation that has occurred over the last few years, we believe it to be one of the best long term investment markets in the country and the world," said Robert Leven, Chief Investment Officer for the Procaccianti Group. "The Tudor Hotel at the United Nations is a quality asset with an irreplaceable location, and the Holiday Inn SoHo is located in the heart of downtown Manhattan in a neighborhood that has experienced a tremendous resurgence in both residential and commercial office real estate," added Leven.
Located in Midtown Manhattan, The Tudor Hotel at the United Nations is listed on the National Register of Historic Places as part of the Tudor City historic area and is in close proximity to several of Manhattan's major demand generators including the United Nations, Grand Central Station, the Midtown business district, Midtown East and Upper East Side residential neighborhoods. The Tudor is located directly across the street from the Pfizer World Headquarters and is nearby the world headquarters of Metropolitan Life Insurance and Colgate Palmolive, as well as the expanding banking industry along 3rd Avenue.
The Procaccianti Group plans to invest $8 - 10 million in the Tudor Hotel at the United Nations to upgrade the guest rooms and other public space.
The Holiday Inn SoHo is located in the heart of Downtown Manhattan, in the dynamic SoHo neighborhood one of the most renowned shopping and entertainment districts in the City. Cushman & Wakefield Sonnenblick Goldman was hired by the seller of each property to serve as the exclusive advisor for each transaction.
"New York City continues to be 'the' destination for global hotel investment as evidenced by the interest we received for both transactions," said Mark J. Gordon, executive vice president, principal and head of Cushman & Wakefield's U.S. Hotel Group. "Ultimately, we were able to execute both transactions with the Procaccianti Group, a national hospitality investment company who had not previously invested in New York."
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