Nov. 25–Two Marriott-affiliated hotels in Broward and Palm Beach counties have sold to companies with ties to The Procaccianti Group of Rhode Island, according to property deeds recorded last week.
The hotels are the Fort Lauderdale Marriott North at 6650 N. Andrews Ave. and Renaissance Boca Raton Hotel at 2000 N.W. 19th St. Boca Raton.
The 315-room Fort Lauderdale Marriott North sold for $18.05 million to TPG FT Lauderdale LLC, whose address is 1140 Reservoir Ave, Cranston, R.I. — the same as Procaccianti’s corporate office.
The Fort Lauderdale hotel last traded for $35 million in September 2006.
Meanwhile the 189-room Renaissance Boca Raton sold for $17.5 million to TPG Boca Raton LLC. It was last sold for $31.5 million also in September 2006.
The sellers of the South Florida hotels were PFL VI LLC and PFL V LLC respectively. Both outfits also share the same corporate address as Procaccianti, which is a privately-held real estate investment and management company founded in 1964.
A Procaccianti spokesman could not be reached for comment Tuesday.
These new hotel sale transactions add to more than a dozen more that have taken place across the two counties this year as investors snap up hospitality assets as tourism booms in the rebounding economy.
Staff researcher Barbara Hijek contributed to this report.
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