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In Mixed Period for Hotel Sector, Procaccianti Launching REIT

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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…
Tampa/St. Petersburg Commercial Real Estate News From CoStar Group

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