NEW YORK— The Procaccianti Group recently completed two deals: one to own and manage the Hilton Dedham Place in Massachusetts, the other to manage the historic Hotel Syracuse in upstate New York. Procaccianti Group acquired the 249-room, Hilton for an undisclosed amount from Saracen Properties of Dedham, MA, and New York City’s TIAA/CREF. The new owner plans to invest $6 million to renovate the four-story property, with a fall completion expected. “The acquisition of this hotel perfectly aligns with our business model of taking underperforming hotels, upgrading them and reenergizing the management to improve competitiveness, market penetration and asset value,” said Gregory Vickowski, evp-finance for the Group. With its contract to manage the 650-room Hotel Syracuse, Syracuse, NY, the Procaccianti Group now has 15 properties in its management portfolio. “With our varied portfolio of owned and managed hotels throughout the northeaster United States [we]can draw upon its resources to maximize this hotel’s earning potential,” said Vickowski. A member of Historic Hotels of America, the Hotel Syracuse is owned by Valdor Fiber Optics, and is adjacent the city’s Galleries and Oncenter Complex, composed of the War Memorial, Convention Center and Mulroy Civic Center.
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