By PBN Staff
PROVIDENCE – The Procaccianti Group has purchased the 272-guest room Renaissance Providence Hotel from Sage Hospitality, the group announced Thursday.
The Renaissance purchase was one of three major hotel agreements by Procaccianti, which also signed deals to manage the Hilton San Antonio Airport Hotel and the Hilton Kansas City Airport Hotel.
“Regarding the Renaissance Providence, we are very excited about the opportunity to apply TPG’s opportunistic approach to hotel investments in our company’s home town,” Rob Leven, the Procaccianti Group’s chief investment officer, said in prepared remarks.
“As TPG continues its expansion within major national markets, we are hopeful to capitalize on locally based investments that, although on a smaller scale, fit the profile and represent a proportionate return on investment,” added Leven. “TPG’s ownership is proud to remain a significant stakeholder in Providence’s hospitality landscape.”
According to a company release, over the past 18 months, the Procaccianti Group has completed nearly a dozen hotel agreements, including several acquisitions in New York City. The group also has pending transactions in both Boston and Chicago.
The financial terms of the Renaissance Providence Hotel acquisition were not disclosed.
The Temple Restaurant located in the hotel’s ground floor closed Thursday, but will re-open with a new name in the near future.