Reno hotel acquired by R.I. company
The Procaccianti Group last week completed purchase of the Courtyard by Marriott hotel in Reno as part of an aggressive expansion plan by the hospitality company based in Cranston, R.I.
It’s The Procaccianti Group’s first acquisition in Nevada and extends the company’s portfolio of properties to 26 states, says Director of Marketing and Corporate Communications Ralph Izzi.
Izzi says TPG Hospitality, the management affiliate of The Procaccianti Group, evaluated Courtyard by Marriott and found that the business-class property scored favorably in key areas such as local economic indicators, brand performance, property performance within its competitive set, opportunity for operational improvement, pricing guidance and other criteria.
“TPG Hospitality is in an aggressive expansion mode focusing on growing, in addition to our core full-service assets, our portfolio of premium-brand, focused-service lifestyle hotels,” Izzi says. “The Courtyard Marriott in Reno is one such example of a premium-branded product, and in this case it is a market leader in both rate and occupancy and is the primary choice for loyal Marriott customers traveling to Reno.”
Terms of the purchase weren’t disclosed. Izzi says the deal came to Procaccianti Group executives in an off-market environment due to the company’s long history of owning and developing hotels. The Procaccianti Group has owned, developed and managed more than 130 hotel and hospitality properties. It’s currently pursuing acquisitions or new developments in San Jose, Atlanta and Providence, R.I.
TPG Hospitality doesn’t plan on shaking up the management of staffing structures at Courtyard by Marriott. The four-story property at 6855 S. Virginia St. has 109 rooms, eight suites and 1,315 square feet of meeting space.
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