hospitality

Procaccianti Group purchases Renaissance Providence

WARREN JAGGER PHOTOGRAPHY / COURTESY RENAISSANCE PROVIDENCE
THE CRANSTON-BASED Procaccianti Group has purchased the Renaissance Providence Hotel.
Posted 12/27/12

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.

Calendar
PBN Hosted
Events

Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement