PROVIDENCE, RI-The Procaccianti Group says it will invest upward of $155 million in and around the 364-room Westin Providence hotel. The Cranston, RI-headquartered hotel company’s acquisition and development plan was selected recently by the Rhode Island Convention Center Authority following a public bidding process.The plan calls for Procaccianti Group to acquire the 28-story hotel from the RICCA for $95.5 million, renovate it and then invest up to an additional $60 million to expand the hotel by 200 rooms and develop a separate mixed-use tower with street-level retail, office space in the middle and luxury condominiums on top. The 200-room expansion and the mixed-use tower would be built on land adjacent to the existing hotel. The Procaccianti Group owns and manages 23 hotels in 11 states. Procaccianti Group CEO Gregory Vickowski says the company is considering moving its corporate headquarters to the new mixed-use tower upon its completion, “to be on-site and keep a watchful eye on the hotel property.” A timeline for the addition was not immediately available.Located at One West Exchange Street, the Westin Providence is situated in the heart of the city’s financial district, linked by Sky Bridge to Providence Place Mall and the Rhode Island Convention Center. As well, the hotel is within walking distance of Trinity Repertory Theater, Providence Performing Arts Center. The hotel has 25,000-sf of meeting space in 18 rooms, as well as fitness and spa facilities, indoor heated pool, sauna and fine dining.The Westin Providence transaction was brokered by Matt Kenney of Pinnacle Realty Investments of Boston. He was not immediately available for comment.

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