CRANSTON, R.I.--(BUSINESS WIRE)--The Procaccianti Group, a privately-held real estate investment and management company, today announced the promotion of Paul Sacco to president & chief development officer of its dynamic and newly-named hotel division, TPG Hotels & Resorts. While he continues to focus on driving the overall growth of the company, in his new role as president, Sacco will help lead the overall strategic direction of TPG, which currently operates 60 hotels nationally with over $840M of hotel revenues under management.
“Paul has demonstrated a strong ability to strengthen relationships with our constituents, as well as open doors to new investment partners because of his proven track record and extensive industry relationships,” said Jim Procaccianti, president and CEO of the Procaccianti Group. “Paul has helped us accelerate from a well-known hotel real estate investment company into a true force within the hospitality management industry. TPG has evolved into a sought-after hotel management powerhouse, both for our existing and new capital partners. We have every confidence that Paul will continue to lead TPG Hotels & Resorts’ growth into the future.”
Prior to joining TPG in 2013, Sacco held a number of increasingly important positions at Starwood Hotels & Resorts Worldwide, culminating in senior vice president of development for all brands-North America. During Sacco’s tenure, Starwood's North American portfolio expanded by 143 percent from 228 to 554 hotels. Sacco also was instrumental in launching the groundbreaking brands Aloft Hotels and Element by Westin. Sacco has worked in various leadership positions in global sales, operations and development for such internationally recognized companies as Swissôtel, Pyramids Hotels, US Franchise Systems and Omni Hotels. He received his Bachelor of Science degree in Business Economics from Brown University.
“TPG acquired its first branded hotel in Rhode Island over three decades ago, and has since expanded to become one of the largest nationwide owner/operators of hotels and provides management services on behalf of some of the industry’s largest capital investors,” Sacco noted. “Our 2015 hotel revenues under management exceeded $840 million. Throughout our growth, our core principle has been always to operate first on behalf of our capital partners. We will continue to utilize the ‘owner’s mentality’ lens as we pursue aggressive growth goals.”
TPG Hotels & Resorts had strong 2015 and is off to a great start this year, with new management agreements and a healthy new hotel pipeline in the 2016 first quarter, including:
- Hyatt House Downtown Atlanta (operating)
- Pullman Miami (operating)
- Hyatt Regency Rochester (operating)
- Hilton Garden Inn Providence (under conversion)
- AC Hotel San Jose Downtown (opening 2016)
- Moxy DC (under development)
- Moxy New Orleans (under development)
- Residence Inn Providence (under development)
Additionally, over the past 30 years, the company’s construction arm, TPG Construction, has overseen nearly $1 billion in hotel renovations, conversions, new builds and room additions. Currently, TPG is involved in over a quarter billion of property improvements to its existing national portfolio and new hotel construction projects.
The Company commenced a comprehensive rebranding initiative which included extensive research of all TPG’s constituencies. The result is clarity of brand & purpose with validated competitive differentiators. “We wanted to hear from all our constituencies, therefore we spoke to a wide cross section of employees at all levels within TPG, external capital partners, lenders, and our brand partners to understand exactly how our company is perceived. Utilizing the research findings, we have re-solidified our focus while expanding our branding. We are reinvigorated by all the results we found and now are more focused than ever on putting our skills in the spotlight. The new name TPG Hotels & Resorts better identifies who we are and what we do as it relates to the breadth of our hotel portfolio and real estate,” said Sacco.
About TPG Hotels & Resorts (tpghotelsandresorts.com)
TPG Hotels & Resorts is a fully accredited operator and developer of the industry’s most respected brands including InterContinental, Hilton, Hyatt, Marriott, Starwood and Wyndham that together represent over 40 hotel flags. With over 60 hotels and nearly 18,000 guestrooms currently under management in 24 states coast to coast, TPG Hotels & Resorts has a proven track record of meeting the stringent demands of the major corporate brands and is recognized throughout the industry as a leader in performance, service, and quality. TPG Hotels & Resorts’ senior operational and development executives lead a national workforce of more than 8,000 highly skilled professionals dedicated to effectively balancing the priorities of the brands, ownership groups and management while delivering exceptional guest experiences.
About PROCACCIANTI COMPANIES (procaccianti.com)
Procaccianti Companies (est. 1958) is a second generation privately-held real estate investment and management company with a broad national platform encompassing all sectors of real estate. Throughout the past five decades, the company has owned, developed or managed hundreds of real estate assets coast-to-coast, surpassing 60 million square feet with a peak capitalization value approaching $7 billion.