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FORT LAUDERDALE-Cranston, RI-based Procaccianti Group has acquired the 293-key Westin Ft. Lauderdale hotel. The acquisition price was not released.

The 15-story hotel is located in the northeast quadrant of Interstate 95 and East Cypress Creek Road in the Radice Corporate Center bordering a small lake. Among attributes of the property is its location near Interstate 95, and centrally located between the Fort Lauderdale Central Business District and Boca Raton. It offers strong access to the Fort Lauderdale/Hollywood airport, Port Everglades, the Broward Convention Center, the Las Olas Boulevard shopping and entertainment district and the beaches.

The hotel has received more than $6 million in capital improvements over the past five years. Improvements included a guest room renovation in 2001, new flat screen televisions in 2002 and renovations to the two ballrooms in 2003. The hotel also received a new POS system, three new chillers, two new boilers and roof resurfacing.

Wachovia Bank provided financing for the acquisition, which represents the fifth hospitality investment made by TPG Hospitality Investments IV, a joint venture between the Procaccianti Group and CalPERS created in May 2006.

The acquisition marks the Procaccianti Group’s 50th hotel property. “Purchasing our 50th property is a tremendous milestone for our organization and to reach this milestone with another showcase asset makes this transaction even more special,” says the Procaccianti Group CIO Robert Levan. “The Westin Ft. Lauderdale represents the company’s eighth Florida property.”

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