X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.