Procaccianti takes two in Florida

The Procaccianti Group have announced the acquisition of the Marriott Fort Lauderdale
North and the Renaissance Boca Raton Hotel—both located in the
fast-growing Interstate-95 corridor of south Florida.“Acquiring these assets is consistent with TPG’s growth strategy,” said
Robert Leven, Chief Investment Officer at The Procaccianti Group. “We
continue to seek out upscale properties in prime locations and acquire the
assets below replacement cost. The combination of TPG’s efficient
management processes and the positive trend in business and leisure travel
to south Florida indicates that both properties will be strong performers.”
  In an off-market deal, TPG purchased the two assets from Trident-Allied
Associates L.L.C. and Trident-Allied Associates II L.L.C. for an
undisclosed amount. TPG is finalizing its property improvement plans which
will include renovations to areas that need attention and that, through
enhancements, would improve the overall guest experience.
  The Fort Lauderdale Marriott North is located at 6650 North Andrews
Avenue. The 17-story Marriott boasts 311 rooms, four suites, and 18,500
square feet of meeting space. The Renaissance Boca Raton Hotel, located at
2000 North West 19th Street, features five floors, 184 rooms, five suites,
and 15,000 square feet of meeting space. Both properties are located within
close proximity to local area attractions and other points of interest.