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Article: The Procaccianti Group (TPG) Enters Into Definitive Agreement to Acquire Portfolio of Six Sheraton Suites from Partnership Between Starwood Hotels and Resorts and IHV International.
- Article from:
- PR Newswire
- Article date:
- May 15, 2007
CopyrightCOPYRIGHT 2007 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TPG Enhances National Portfolio with Upscale All Suite Purchase
PROVIDENCE, R.I., May 15 /PRNewswire/ -- Providence, Rhode Island-based real estate developer/hotelier, The Procaccianti Group (TPG), today announced the purchase of six (6) Sheraton Suites Hotels. TPG purchased the portfolio from Starwood Hotels & Resorts Worldwide, Inc. & IHV International for an undisclosed amount.
"These are high quality upscale assets in primarily urban markets. The acquisition is consistent with our strategy of acquiring high quality physical assets at significant discounts to replacement cost in vibrant market areas," stated Robert Leven, Chief Investment Officer for ...