{"id":1004056952,"date":"2012-12-31T10:33:34","date_gmt":"2012-12-31T18:33:34","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=91627"},"modified":"2025-02-19T02:57:41","modified_gmt":"2025-02-19T10:57:41","slug":"procaccianti-group-buys-historic-renaissance-providence-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/procaccianti-group-buys-historic-renaissance-providence-hotel\/","title":{"rendered":"Procaccianti Group Buys Historic Renaissance Providence Hotel"},"content":{"rendered":"

by Adriana Pop, Associate Editor <\/em><\/p>\n

The Procaccianti Group, a Cranston-based hotelier and development company, has acquired the Renaissance Providence Hotel from Sage Hospitality of Denver, Providence Business News<\/em><\/a>, reported. Financial terms were not disclosed.<\/p>\n

Located Downtown near the Rhode Island State House and Providence Place mall, the 237,000-square-foot, four-star hotel features 264 guest rooms and eight suites. The property opened in June 2007 in the city\u2019s former Masonic Temple, a restored Greek Revival building dating from the 1920s. Amenities include a 24-hour fitness center, 10,000 square feet of function space and the Temple Downtown Restaurant, a ground-floor venue which will reopen under a new name in the near future.<\/p>\n

\u201cWe are very excited about the opportunity to apply TPG\u2019s opportunistic approach to hotel investments in our company\u2019s home town,\u201d commented Rob Leven, the Procaccianti Group\u2019s chief investment officer.<\/p>\n

Over the past 18 months, TPG has expanded its portfolio with the completion of nearly a dozen hotel agreements across the country. According to the Providence Business News<\/em><\/a>, the group has also signed agreements to manage the Hilton San Antonio Airport Hotel and the Hilton Kansas City Airport Hotel. Additional deals are pending in Boston and Chicago.<\/p>\n

In residential news, the historic six-acre-plus Hopedene waterfront estate on Newport\u2019s Cliff Walk commanded $16 million. According to Gustave White Sotheby\u2019s International Realty, which brokered the transaction, the price represents the highest of the year for a residential property in Rhode Island and the second highest ever.<\/p>\n

Built between 1899 and 1902, the property includes a main house, expansive balustrade-bordered terraces, a large carriage house with guest quarters, an ocean-facing pool and spa, tennis court, gated service entrance, and a heliport approved by the Federal Aviation Administration.<\/p>\n

Sales associate David Huberman represented the sellers, Craig and Michelle Millard, while broker\/owner Paul Leys represented the buyer, Hopedene, LLC.
\n\u201cThis transaction certainly highlights what has been a tremendous year for high-end real estate in Rhode Island. The state has never seen a year in which so many properties of this caliber have sold, especially one in such pristine condition as \u2018Hopedene,\u2019\u201d Leys remarked.<\/p>\n

<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

by Adriana Pop, Associate Editor
\nThe Procaccianti Group, a Cranston-based hotelier and development company, has acquired the Renaissance Providence Hotel from Sage Hospitality of Denver, Providence Business News, reported. Financial terms were not disclosed.
\nLocated Downtown near the Rhode Island State […]<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004056952","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nProcaccianti Group Buys Historic Renaissance Providence Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/procaccianti-group-buys-historic-renaissance-providence-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Procaccianti Group Buys Historic Renaissance Providence Hotel\" \/>\n<meta property=\"og:description\" content=\"by Adriana Pop, Associate Editor The Procaccianti Group, a Cranston-based hotelier and development company, has acquired the Renaissance Providence Hotel from Sage Hospitality of Denver, Providence Business News, reported. 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