The Procaccianti Group (TPG) Completes Acquisition of Marriott Buffalo Niagara
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The Procaccianti Group (TPG) Completes Acquisition of Marriott Buffalo Niagara
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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 2007-07-03
TPG’s National Portfolio Surpasses 15,000 Guest Rooms
Cranston, Rhode Island-based real estate developer/hotelier, The Procaccianti Group (TPG), today announced the purchase of the 356 room Marriott Buffalo Niagara. In a deal brokered by Molinaro Koger, TPG purchased the hotel from Westmont Hospitality Group for an undisclosed amount.
“The Marriott Buffalo Niagara is a quality asset located in an area with built-in demand fueled by premier educational institutions, a thriving business climate, and a world class tourist attraction.” states Gregory Vickowski, Chief Financial Officer for The Procaccianti Group. Vickowski continues “We intend to implement a comprehensive renovation strategy and apply our expertise as specialized hospitality owner/operators. This represents our 10th full service Marriott property further solidifying our relationship with this top quality brand. When you combine all these factors, we are confident this will result in a positive impact on the property.”
The 356-room Marriott Buffalo Niagara was built in 1981, and underwent renovations in 2004 and 2005. The hotel is the only full-service Marriott in the Buffalo area and is prominently situated adjacent to the University of Buffalo: State University of New York (SUNY) in Amherst, New York. Located just six miles from the Buffalo Niagara International Airport and surrounded by corporate demand generators, the Property is the Hotel of choice for Buffalo’s corporate travelers.
In addition, the Hotel is just 20 miles from one of the most popular tourist destinations in the country, Niagara Falls, which attracts over 14 million tourists each year to the American and Canadian Falls and its expanding gaming operations. The hotel also includes 11,500 square feet of meetings space, Houlihan’s Restaurant serving lunch and dinner and a lobby restaurant serving breakfast. Other facilities include a concierge lounge, indoor swimming pool and whirlpool, fitness center, gift shop, and business center.
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