With budgets, agreements, permits, approvals, and financing secured – developers of the City’s newest
upscale hotel preparing site for vertical construction set to commence in 90-120 days
February 12 2018 (Providence, RI) – Procaccianti Companies, the nation’s premier privately-held real estate investment and services organization, today announced it has completed nearly all pre-construction activities which included satisfying all municipal permitting requirements, finalizing materials budgets and construction agreements, obtaining approvals relating to design and qualifications for City and State incentive programs, and all necessary project financing has been secured. With all mission-critical elements in place, the 176-room Residence Inn Providence Hotel located at 100 Sabin Street advances towards the vertical construction phase which is scheduled to commence within 90-120 pending weather conditions over the winter months.
“We are extremely proud of the successful collaboration between our entire development team and City and State officials who worked to advance this showcase project. Unlike many developments currently underway, this site demanded a collective vision to address the unique set of circumstances and extreme complexities involved with delivering this major new development to our Capital City” states Ralph V. Izzi Jr., Vice President of Public Affairs. “We look forward to seeing cranes in the sky and the new hotel rising above the fence line. The dramatic optics of vertical construction will be a compelling demonstration of economic growth in Rhode Island.”
“Providence is on the rise and the proof is in the wave of development we are witnessing across the city,” said Mayor Jorge O. Elorza. “With major projects like the Residence Inn beginning to take shape our economic momentum continues to grow daily. Congratulations to Procaccianti Companies and all parties involved in making this next phase of the hotel possible. I look forward to celebrating the grand opening.”
The Residence Inn Providence will be nine (9) stories tall comprising 176 all-suite guestrooms. Each room will feature a fully equipped kitchen, separate living and sleeping areas and a full complement of modern amenities designed to appeal to today’s sophisticated traveler. Ideal for extended stays, and both leisure and business stays of any duration, the new Residence Inn is an energetic newer brand offered by Marriott Corporation and a participant in the Marriott Rewards customer loyalty program.
About TPG Hotels & Resorts (tpghotelsandresorts.com)
Pre-approved by all the leading global hotel brands, TPG Hotels & Resorts is an operator of hospitality assets across all chain scales with an historical operating platform of over 150+ branded, independent and boutique hotels comprising more than 25,000 guestrooms in 30 states. Today, TPG Hotels & Resorts is a top tier, U.S.-based Hospitality Management Company generating over $840 Million in annual revenue. TPG is a vertically integrated organization actively engaged in hotel operations, development and acquisition/asset repositionings across the country.
About Procaccianti Companies (procaccianti.com)
Procaccianti Companies (est. 1958) is nationally ranked, fully-integrated real estate investment and services firm headquartered in Rhode Island. Procaccianti Companies focuses on core, core plus, value add and opportunistic investments in all sectors of real estate. Throughout nearly six decades Procaccianti Companies has owned or operated real estate in over 110 cities in 30 states coast to coast. The Company has an extensive network of financial, brand, broker, and investment partners that enable the Company to execute its business strategy and sophisticated platform to maximize yields, drive asset value, and deliver above-market risk adjusted returns.