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SCHAUMBURG, IL-After paying nearly $24 million for the 398-room property between Woodfield Shopping Mall and I-290/Route 53, Providence-based Procaccianti Group plans to spend another $10 million renovating the Marriott Schaumburg over the next two years. Procaccianti Group bought the hotel for $60,000 per room from Strategic Hotel Capital, Inc., which also is disposing of its 390-room Lincolnshire Marriott Resort and a 333-room Embassy Suites in Lake Buena Vista, FL.

The property at 50 N. Martingale Rd. here will remain a Marriott, says president and chief executive officer Jim Procaccianti. The company bought a Doubletree Guest Suites Downtown, but is converting that property to a Hilton Suites. The 345-room hotel was one of five properties in a $300-million deal with GE Asset Management.

While Procaccianti Group is looking to expand its presence in the Chicago market, Strategic Hotel Capital’s sales are part of a shift toward luxury properties, such as the 692-room Fairmont Hotel Downtown, bought earlier this year for $154.7 million.

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