TPG Hospitality - Highly Active during First Half of 2014

PROVIDENCE, R.I., July 21, 2014 /PRNewswire/ -- TPG Hospitality announced today that during the first half of 2014, the Company has expanded its operating portfolio with multiple management agreements, several new hotel developments and new acquisitions that expands the Company's national footprint into its 26th state.

"The first half of 2014 was very busy in all areas of portfolio growth which was complemented by the strong operational performance of our existing national portfolio of over 60 hotels," states Paul Sacco, Chief Development Officer for TPG Hospitality and head of the organization's Portfolio Development Group. Sacco continues, "Hotel management opportunities have been active for us, and with the emergence of new focused-service lifestyle brands, ground-up development projects are also increasing. Additionally, we have had success with opportunistic acquisition projects."

During the first half of 2014, TPG Hospitality executed multiple transactions or entered letters of intent for multiple hotel management agreements including such projects as the Sheraton Suites College Park/DC, the Renaissance Suites Chicago O'Hare and the Hunt Valley Inn in Maryland. The Company also has several ground-up hotel developments underway including the Hyatt House in Atlanta, AC by Marriott in San Jose and a new premium branded upscale focused service hotel in Providence, RI. Most recently, the Company entered into an agreement to purchase the Courtyard by Marriott in Reno, Nevada and acquired the soon-to-be Waterford Renaissance, a lifestyle-oriented repositioning opportunity in Oklahoma City.

Additionally, the Company is also in various stages of executed LOI and Due Diligence on several more hotel management agreements, new-builds and acquisition projects representing a variety  of brands and service levels in several markets coast to coast. Sacco concludes, "We are anticipating a very strong second half by adding to the ten (10) or more deals commenced or underway during the first half of 2014."

As the Company expands its operating portfolio, TPG Hospitality is adding key members to bolster the Portfolio Development Team. The Company recently hired Evan Morick as SVP Portfolio Development, East Coast, and Bob LaCasse, Head of Operational Transitions. "Both Evan and Bob come to TPG Hospitality with extensive experience and outstanding industry track records. We are very pleased to have them onboard with TPG," states Sacco.

About The TPG Family of Companies

TPG Companies: (est. 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, managed or developed over 130 hotels and hundreds of non-hotel real estate assets surpassing 50 million sq. ft. with a value exceeding  $5 billion. TPG is a  top-performing hospitality real estate investment management organization with the unique capability of delivering world-class operations management as an owner, developer or third party manager via its hospitality management affiliate - TPG Hospitality.

For more information, please visit www.tpgcompanies.com

TPG Hospitality: (est. 1985) ranks in the top five largest U.S. hotel management companies with an operating portfolio of more than 60 hotels representing nearly 20,000 guestrooms in 26 states. TPG Hospitality is an approved/preferred operator of all major brands and delivers comprehensive hospitality management, renovation/construction management and hotel development services to a variety of public and private ownership entities including municipalities and pension funds.

For more information, please visit www.tpghospitality.com.

SOURCE The Procaccianti Group (TPG)