The Procaccianti Group (TPG) Completes Purchase of 365 Guest Room Holiday Inn Baltimore Inner Harbor

PROVIDENCE, R.I., Feb. 7, 2012 /PRNewswire/ -- The Procaccianti Group (TPG), announced that it has completed the acquisition of the 365 guest room Holiday Inn Baltimore Inner Harbor. This acquisition brings TPG's current national hospitality portfolio to 61 hotels throughout 23 states representing nearly 17,000 guest rooms.

"The Holiday Inn Baltimore Inner Harbor is an outstanding addition to our national portfolio and represents TPG's continued commitment to acquire and operate well-located, quality hotels that are, or have the potential to be leaders within their market," said Robert Leven, TPG's Chief Investment Officer. "We believe this hotel is properly positioned to benefit as the market continues to rebound and key performance indicators improve."

This 13-story hotel, located at 301 West Lombard Street, benefits from an ideal location in the heart of downtown Baltimore. Guests at the Property benefit from immediate proximity to the Inner Harbor retail and entertainment district, the National Aquarium, the downtown CBD, Baltimore Convention Center, Camden Yards, M&T Bank Center, and University of Maryland, Baltimore. In addition, the Property offers approximately 12,000 square feet of indoor meeting space, diverse food and beverage outlets, fully-equipped fitness center, indoor pool, sauna, and business center.

About The Procaccianti Group (TPG)

The Procaccianti Group (TPG), founded in 1964, is a second generation privately-held real estate investment and management company with a broad national platform concentrated on quality hospitality assets. Throughout five decades the Company has owned or managed hundreds of real estate assets surpassing 25 million square feet with a value exceeding $5 billion.

TPG has established an outstanding track record of creating value by maximizing operating efficiencies of hotels, restaurants, retail outlets, parking facilities and convention centers. TPG's value-add model is achieved through a fully integrated approach that drives deployment of the company's aggressive operations, asset management, financial management, product positioning, and sales & revenue management strategies.

For more information go to www.tpgcompanies.com.

About TPG Hospitality

TPG Hospitality is considered among the nation's elite hotel companies by evidence of its consistent national ranking as a top hospitality manager and top hospitality construction company. These results have earned TPG preferred status as an approved operator of all the major hotels brands including Hilton, Hyatt, InterContinental, Marriott, Wyndham, and Starwood.

Via TPG's proprietary value optimization process, TPG creates unprecedented value by exploiting a hotel's operational inefficiencies via techniques refined through years of hospitality management experience. Having sustained growth, invested, and operated through several market cycles, the company is able to position properties to prosper in up cycles and mitigate risk in down cycles through highly skilled hands‐on management.

It is through TPG's proven ability to tailor its value‐add strategy, either as an owner/operator or third party hospitality manager that lenders, servicers, portfolio owners and investors have repeatedly realized above market performance.

For more information please visit www.tpghospitality.com.

SOURCE The Procaccianti Group (TPG)