The Firm Adds 120-Room Property to its Expanding Portfolio of Select-Service Hotels
July 2017 – Procaccianti Companies, the nation’s premier privately-held owner & developer of quality hospitality assets, announced the acquisition of the Springhill Suites by Marriott located at 1014 Ashes Drive in Wilmington, N.C. The 120-room, premium-branded select-service hotel will be operated by TPG Hotels & Resorts, Procaccianti Companies’ wholly owned operating company.
“This is a quality hotel in excellent condition with a strong brand located in the heart of terrific market – it truly checked all the boxes” states Rob Leven, chief investment officer for Procaccianti Companies and TPG Hotels & Resorts. “With its modern design, contemporary amenities and convenient location, the Springhill Suites Wilmington is a fantastic choice for both business and leisure travelers”.
Opened in August 2015, the Springhill Suites Wilmington boasts 120 contemporary hotel suites offering an abundance of guest-centric amenities, including complimentary high-speed Wi-Fi access, pullout sofa-beds, flat-screen TVs, mini-fridge and microwave and an ergonomic desk. The hotel also provides a free breakfast buffet, on-site fitness center and outdoor heated pool. For group travelers, the hotel extends generous room block rates and offers “right-sized” meeting space to host smaller meetings and social events.
“This property fits perfectly with our growing portfolio of premium branded select-service hotels in operation, development or under construction,” Leven added. “As the nation’s third largest operator of Marriott-branded hotels, the Springhill Suites brand is an ideal addition to the TPG portfolio.”
About Procaccianti Companies (procaccianti.com)
Procaccianti Companies (est. 1958) is nationally ranked, fully-integrated real estate investment and services firm 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 with over $1.5+ billion in equity deployed, Procaccianti Companies has established an extensive network of financial, brand, broker, and investment partners that enable the Company to execute it business strategy and sophisticated platform to maximize yields, drive asset value, and deliver above-market risk adjusted returns.
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.