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.
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.
