The Procaccianti Group, a hotel ownership, management and construction company, announced Tuesday that it is planning a new fund dedicated solely to new investments in Providence.
The group also announced that it has closed three new hotel deals through a recently raised opportunity fund.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
To respond to the demand for upscale residential living in Providence and other opportunities, TPG said it is raising a new fund with CMS, a Philadelphia-based
financial services company. The new $150 million fund is intended to be used primarily in the Providence market.
The two have partnered before, launching the $125 million CMS/Procaccianti Hotel Opportunity fund in 2003, the Cranston-based management company said. The purpose of this fund is to purchase underperforming properties and use The Procaccianti Group’s integrated construction, design and management divisions to re-launch the hotels as successful properties. Eight hotels, which operate under franchise affiliations with Marriott, Hilton Hotels and InterContinental, to date have been acquired by this fund.
The state-owned Westin Hotel in Providence, for which TPG is the highest bidder, would be the ninth property to be acquired by this fund, according to the group.
