"The Hyatt-Lexington is slated to change hands at the end of November and its prospective new owner, the Rhode Island-based Procaccianti Group, one of the top ten privately held hotel owner operators in the United States., brings an impressive nationwide portfolio to the hospitality market of central Kentucky.
According to the company's Web site (procgroup.com), TPG Hospitality, a division of The Procaccianti Group, is actively working to recruit a new general manager "for anticipated acquisition of the Hyatt Lexington." The statement goes on to say that the "anticipated acquisition date is late-November 2006."
Procaccianti Marketing Communications Director Ralph Izzi said he was not prepared to release details and would not comment for this article, but offered to provide more information as soon as possible. Sources tell Business Lexington the closing is scheduled for Nov. 30. Those sources also note that any renovation of the 365-room, 30-year-old hotel would qualify for tax incentives provided by the Kentucky Tourism Development Act.
The Procaccianti Group has owned or developed properties in 16 states valued at more than $4 billion. Those properties include 45 hotels representing a range of brands, which include Westin, Marriott, Hilton, Crowne Plaza, InterContinental and Radisson as well as Holiday Inn, Double Tree, Comfort Inn, Sheraton, Wyndham and Renaissance.
www.procgroup.com states that the company's various divisions are engaged in hospitality management, mixed-use development, design and construction, purchasing, property management, asset management and lending.