The Procaccianti Group Purchases $10.4M Hotel Mortgage

RICHMOND, VA-The 18-year-old Richmond Marriott comes under the primary ownership of The Procaccianti Group, with the Cranston, RI-based hotel developer’s recent purchase of the $10.4 million mortgage on the property from First Union/Wachovia. With 401 guestrooms and nearly 30,000 sf of meeting space, the hotel and the property on which it sits are currently assessed at a value of $20.5 million.

Richmond Marriott became property of the bank due to the previous owner, Mutual Benefit/Marriott Hotel Associates, filing for Chapter 11 bankruptcy protection late last year. There are two other mortgages on the property, held by the city, for a total of $19.5 million.