PROVIDENCE, R.I. -- The Procaccianti Group (TPG), today announced that it has completed the acquisition of the 364-room Westin Providence in Rhode Island from the Rhode Island Convention Center Authority. TPG is a New England-based, full-service, privately owned hotel ownership, management and construction company. The broker for the deal was Matt Kenney at Pinnacle Realty Investments.
The company plans to spend several million dollars upgrading the existing hotel to further improve its competitiveness. The company also will invest approximately $80 million to construct a 28-story mixed use tower with an additional 200 guestrooms on the adjacent vacant land, bringing the ...