Investcorp Acquires 96% Hotel Stake for $450M

NEW YORK CITY-Investcorp Real Estate has paid $450 million to acquire a 96% stake in a series of assets in the Procaccianti Group’s portfolio. The seller will keep a small interest in the properties and will continue to manage them.

Procaccianti’s portfolio consists of nine full-service hotels distributed between Illinois, Texas, Oklahoma, Virginia and Florida. The hotels are branded as either Marriott, InterContinental, Hilton or Starwood. Investcorp has purchased eight of the properties, with the final asset expected to close in July. This portfolio will give Investcorp 2,828 keys and more than 250,000 sf of meeting space.

Of the acquired portfolio, three hotels are located in Illinois: the Marriott Schaumburg, the Crowne Plaza and the Holiday Inn Express. Two hotels are in Florida: the Holiday Inn Select and the Marriott Palm Beach. Two are in Oklahoma: the Doubletree and the Marriott Waterford. The Marriott Waterside is in Virginia and the Westin DFW is in Texas.