Procaccianti Group Acquires Three Properties From Host Marriott

PROVIDENCE, RI— The Procaccianti Group (TPG) here has completed the acquisition of three Marriott hotels from Host Marriott— the 405-room Norfolk Marriott Waterside in Norfolk, VA; the 279-room Palm Beach Garden Marriott in Palm Beach Gardens, FL; and the 197-room Waterford Marriott in Oklahoma City, OK. The Norfolk Marriott Waterside, located at 235 E. Main St. and representing TPG’s second owned and managed convention-center property and third full-service site overall in Virginia, features a list of amenities, including: 45 meeting rooms comprising 60,000 total square feet of meeting space (including the Waterside Conference Center); three restaurants, self-service laundry facilities, concierge service, indoor pool, state-of-the-art fitness center and sauna. The Palm Beach Garden Marriott, an 11-story edifice located at 4000 RCA Blvd., offers a business center, secretarial services, two concierge floors, outdoor pool, state-of-the-art health club, whirlpool, sauna, Sebastian’s Grill restaurant and a cocktail lounge. Finally, the Waterford Marriott— an AAA four-diamond facility situated at 6300 Waterford Blvd.— serves up such features as: a restaurant, cocktail lounge, laundry valet, hair salon/barber, concierge services, secretarial services and a business center. The Plascencia Group (Tampa, FL) and Thompson Calhoun Fair (Atlanta, GA) represented the seller. TPG— a full-service, privately owned hotel ownership, management and construction company— reportedly plans to invest approximately $15 million to cover moderate renovations to the three hotels. “These are quality, upscale, full-service assets, acquired at well below replacement cost, that can benefit from a strategic capital-improvement program,” stated TPG CFO Gregory Vickowski. “We believe we are at the bottom of the current economic cycle, making now an opportune time to purchase quality hotels. [As such,] we plan to have the renovations completed in time to take full advantage of the expected recovery in the economy and in business travel demand.”