Procaccianti Group Purchases Richmond Marriott

RICHMOND, VA— The Procaccianti Group, a New England-based full-service hotel ownership, management and construction company, has acquired the 401-room Richmond Marriott from MB/MH Associates I LP for an undisclosed purchase price. The newly acquired property, which contains 30,000 square feet of meeting space, is the company’s second hotel in this Virginia city. It was noted that The Procaccianti Group will begin a multi-phase $12-million renovation of the circa-1982 in the fourth quarter of 2002, during which time the hotel will remain open. As a result of pre-planning, the renovation is expected to be completed with minimal disruption to guests. According to Gregory Vickowski, evp – finance for the company: “With this acquisition, The Procaccianti Group becomes the largest owner and operator of hotel guestrooms in Richmond, as well as owner of the headquarters hotel for the largest convention center in the state. “Following completion of the renovation of the hotel and the adjacent, upgraded convention center, the Marriott Richmond will be ideally situated to become the market leader for convention, small meeting and leisure business,” Vickowski added. Located at 500 East Broad St., the 18-story hotel is directly opposite the recently upgraded Richmond Centre for Conventions and Exhibitions, and each of its guestrooms is equipped with voice-mail, dataports, cable/satellite TV, in-room movies, complimentary weekday newspaper delivery and in-room coffee and coffee-maker. Other hotel amenities include a restaurant, lounge, self-service laundry, shoe-shine, concierge service, gift shop and full business center. The renovation, which will upgrade the hotel to meet Marriott’s brand standards, will see the addition of a new cigar bar and Starbucks café/pastry shop. Additionally, the hotel’s second-floor swimming pool and athletic room will be upgraded, as well, and all 10 suites and the concierge level will be completely refurbished, as will each of the individual guestrooms throughout the hotel.