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Dec. 31, 2012

Procaccianti Group Buys Historic Renaissance Providence Hotel

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. Financial terms were not disclosed.

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’s 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.

“We are very excited about the opportunity to apply TPG’s opportunistic approach to hotel investments in our company’s home town,” commented Rob Leven, the Procaccianti Group’s chief investment officer.

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, 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.

In residential news, the historic six-acre-plus Hopedene waterfront estate on Newport’s Cliff Walk commanded $16 million. According to Gustave White Sotheby’s 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.

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.

Sales associate David Huberman represented the sellers, Craig and Michelle Millard, while broker/owner Paul Leys represented the buyer, Hopedene, LLC.
“This 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 ‘Hopedene,’” Leys remarked.

Photo credits: www.gogobot.com/providence-ri