In Mixed Period for Hotel Sector, Procaccianti Launching REIT
September 21, 2017 | Mark Heschmeyer | CoStar.com
Rhode Island-based Procaccianti Cos., owner of TPG Hotels & Resorts, is forming a new nontraded REIT to expand its hotel investments.
The move comes at a time when lodging REITs have fallen a bit out of favor with investors, even as hotels continue to grow occupancy and room rates.
According to its initial filing, Procaccianti Hotel REIT will seek to acquire a diverse portfolio of existing select-service, extended-stay, and compact full-service hotel properties. It may also make investments in distressed debt and preferred equity with the intent to acquire the hotel properties underlying those investments.
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