TPG Heads Short List Of Buyers For Buffalo Marriott

BUFFALO, NY— The Procaccianti Group has emerged as a potential buyer of the Buffalo Niagara Marriott, according to published reports. The Warwick, RI-based compnay is considered at or near the top of a short list of buyers for the Marriott. Sources said it offered $31 million for the Millersport Highway property and pledged to invest $10 million in upgrades to the hotel, including installing a new HVAC system and exterior improvements. The deal would be its first in New York state. Representatives from the Procaccianti Group and Jones Lang LaSalle Hotels Inc., the international real estate and business brokerage handling the listing, declined to comment on the pending sale. A deal is expected to be formalized in the coming weeks, sources said. It likely wont affect the hotels operation, staff and brand name— all of which are expected to remain intact. The 356-room Marriott, the regions fifth-largest hotel, will be changing ownership for the second time in less than one year, once the deal is officially announced. The hotel, located near the University at Buffalo with proximity to the Youngmann Highway, typically runs at a 75 percent occupancy rate.