The Procaccianti Group Completes Acquisition of Wyndham Colorado Springs
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The Procaccianti Group Completes Acquisition of Wyndham Colorado Springs
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2006-02-23
The Procaccianti Group (TPG), a New England-based, full-service, privately owned hotel ownership, management and construction company, today announced that it has acquired the 311-room Wyndham Colorado Springs from Thayer Lodging for an undisclosed amount. TPG plans to invest approximately $11 million to upgrade all private and public interior space and convert the hotel to the full-service Marriott brand over the next 12 months.
“This property is the latest in our recently announced plans to acquire $1 billion in upper, upscale hotel assets,” said Robert J. Leven, Chief Investment Officer. “Furthermore, it is consistent with our strategy of acquiring underperforming assets, that through renovation, brand repositioning, and focused management can become the leading hotel in its respective market.”
Located at 5580 Tech Center Drive, the nine-story hotel is within close proximity of the Rocky Mountains, Colorado Regional Airport, US Air Force Academy, Gardens of the Gods Park and the Pioneers Museum. As part of the renovation/conversion process, TPG will completely upgrade all interior space, from the lobby through the guest rooms, to include all soft and hard goods.
“We are excited about adding another full-service Marriott to our portfolio,” Leven added. “We look forward to continuing the expansion of our relationship with this internationally recognized hotel company.”
Operating for nearly 50 years, The Procaccianti Group, (www.procgroup.com), is a full-service, privately owned, real estate company that acquires, manages and renovates upscale full-service hotels. The award-winning company is engaged in hotel and commercial property acquisitions, property management, hotel construction and design. TPG, which has been recognized by Hilton, Intercontinental and other major franchisors for its leading hotels, is involved in all aspects of the hotel industry, from finance sourcing, construction and design, to ownership and management. The Cranston, Rhode Island-based company owns and manages 41 hotels with 10,361 rooms and nearly 700,000 square feet of meeting and conference space.
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