Procaccianti's portfolio consists of nine full-service hotelsdistributed between Illinois, Texas, Oklahoma, Virginia andFlorida. The hotels are branded as either Marriott,InterContinental, Hilton or Starwood. Investcorp has purchasedeight of the properties, with the final asset expected to close inJuly. This portfolio will give Investcorp 2,828 keys and more than250,000 sf of meeting space.

Of the acquired portfolio, three hotels are located in Illinois:the Marriott Schaumburg, the Crowne Plaza and the Holiday InnExpress. Two hotels are in Florida: the Holiday Inn Select and theMarriott Palm Beach. Two are in Oklahoma: the Doubletree and theMarriott Waterford. The Marriott Waterside is in Virginia and theWestin DFW is in Texas.

In the last several years the hotels have been renovated, aprocess Investcorp now plans to continue, according to companyexecutives."The properties within this portfolio arewell-positioned within their markets in terms of location, qualityand hotel franchise," says Christopher Sameth, an Investcorpprincipal. "We are looking forward to working closely with ourpartners at the Procaccianti Group, a best-in-class hotel operator,to create even greater value in this portfolio and we look ahead tofuture business partnerships with them."