Procaccianti Hotel REIT, Inc. acquires Hotel Indigo in Traverse City
Procaccianti Hotel REIT, Inc., announced today that it acquired the Hotel Indigo located at 263 West Grandview Parkway in Traverse City, Michigan on August 15, 2018. The hotel property is managed by TPG Hotels & Resorts, Inc.
The 107-room, boutique style, select-service hotel opened in May 2016 and overlooks Lake Michigan’s West Grand Traverse Bay. Located in the Downtown Warehouse District, the hotel features include underground valet parking, approximately 3,000 square feet of meeting space, a fitness center, business center, restaurant and a rooftop bar overlooking West Grand Traverse Bay.
“We believe that the Hotel Indigo Traverse City is an exceptional, new vintage property with multiple built-in demand drivers – its rooftop bar, extraordinary design features, and other amenities make this premium-branded, select-service hotel a strong addition to our portfolio,” said Gregory Vickowski, Chief Financial Officer of Procaccianti Hotel REIT, Inc.
The hotel is expected to continue to benefit from the area’s strong leisure and corporate demand stemming from the major attractions and employers in immediate proximity. With a wealth of restaurants and wineries, Traverse City is becoming a popular destination for food and wine enthusiasts. The area’s many historic buildings have been renovated and now house modern shops, art galleries, restaurants and craft breweries. Traverse City is also home to several major events, including the National Cherry Festival and Traverse City Film Festival, founded by film director Michael Moore.
About Procaccianti Hotel REIT, Inc.
Procaccianti Hotel REIT, Inc. is a public, non-traded corporation headquartered in Cranston, Rhode Island that intends to elect to be taxed as a real estate investment trust for federal income tax purposes. Procaccianti Hotel REIT, Inc. intends to acquire and own a diversified portfolio of hospitality properties consisting primarily of existing extended-stay, select-service and compact full-service hotel properties that are classified in the “upper midscale,” “upscale,” and “upper upscale” chain scales of the hospitality industry, as defined by STR, Inc. (“STR”), and that are operated under widely recognized brands licensed from hotel franchisors. Procaccianti Hotel REIT, Inc. expects that its hotel properties will be located in
areas that it believes exhibit strong economic features, based on factors such as employment and income levels, corporate earnings, office vacancy rates, airport and other business and leisure travel, new hotel property construction, hotel renovations, and pricing strategies of competitors.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of federal securities laws and regulations relating to the business and financial outlook of Procaccianti Hotel REIT, Inc. that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. These forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. You should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this press release. Forward-looking statements in this press release speak only as of the date on which such statements were made, and Procaccianti Hotel REIT, Inc. undertakes no obligation to update any such statements that may become untrue because of subsequent events. Procaccianti Companies
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