Providence, RI-based Procaccianti Group bought the 398-roomMarriott at 50 N. Martingale Rd. last year for $23.9 million.Strategic Hotels and Resorts netted nearly $54 million for the333-room Embassy Suites in Lake Buena Vista, FL. Those sales werepart of a strategy to tilt the REIT's portfolio further toward theluxury end.
Earnings before interest, taxes, depreciation and amortizationwere up more than 18% last year at the Lincolnshire property, to$6.3 million, with revenue per available room improving 5% to$81.14. "It's looking like it's having a good year," says presidentand chief executive officer Laurence S. Geller during his company'searnings conference call Wednesday. "It's not a core asset, andit's not an asset we intend to keep for a long time."
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