PROVIDENCE, RI— The Procaccianti Group (TPG), a New England-based, privately owned hotel ownership, management and construction company, has acquired the Holiday Inn Select near the University of Central Florida in Orlando for an undisclosed amount from Jefferson Pilot. The Procaccianti Group also announced plans to spend $4.5 million on renovations, which will focus on refurbishing the public spaces and upgrading all rooms and suites. According to Gregory Vickowski, CFO for TPG, the asset was acquired well below replacement cost and is expected to benefit significantly from the planned capital improvements. The Holiday Inn Select UCF is located at the entrance to the University of Central Florida in the Quadrangle Office Park. The hotel features 249 rooms and suites, a rental car station and airport shuttle service. The hotels amenities include a business service center, high-speed Internet service and executive floors.
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