SPRINGFIELD, IL— The Procaccianti Group (TPG), a Providence, RI-based, full-service, privately owned hotel ownership, management and construction company, has purchased the 288-room Crowne Plaza and the 140-room Holiday Inn Express here from an institutional investor. The acquisition of the two properties— located adjacent to each other and positioned to offer operational synergies— is said to represent the first investment of the company’s recently announced $400-million hotel acquisition fund as well as the company’s first entry into Illinois.
