Marriott Properties In South Florida Sell To Rhode Island CompanyNovember 25th, 2014
Two South Florida Marriott-brand hotels sold for nearly $36 million to companies affiliated with The Procaccianti Group (TPG), a Rhode Island-based hospitality construction company.
Under the name TPG Boca Raton LLC, the company bought Renaissance Boca Raton Hotel (pictured above) at 2000 N.W. 19th St. for $17.5 million last week. The 189-room property was sold by another company affiliated with TPG called PFL V, LLC at a 44 percent loss from its most recent sale in 2006 at $31.5 million.
Another company affiliated with TPG called PFL VI, LLC sold the 315-room Fort Lauderdale Marriott North at 6659 N. Andrews Ave. for $18.05 million to a seller also affiliated with TPG called TPG Ft. Lauderdale, LLC. The hotel was sold at a 48 percent loss from its previous sale in 2006 at $35 million.
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