CRANSTON, RI – Procaccianti Companies, 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 elevated 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, and open doors to new investment partners because of his proven track record and extensive industry relationships,” said Jim Procaccianti, president and CEO of Procaccianti Companies. “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, Pyramid Hotels, US Franchise Systems and Omni Hotels. He received his Bachelor of Science degree in Business Economics from Brown University.
“TPG started as a regional hotel operator and has expanded to be one of the largest nationwide owner/operators of hotels, now providing 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 this ‘owner’s mentality’ lens as we pursue our aggressive growth goals.”
TPG Hotels & Resorts is off to a strong start this year, with a healthy new hotel pipeline in the 2016 first quarter, including:
- Moxy DC (under development)
- AC Hotel San Jose Downtown (opening 2016)
- Hyatt House Downtown Atlanta (operating)
- Pullman Miami (operating)
- Moxy New Orleans (under development)
- Hyatt Regency Rochester (operating)
- Hilton Garden Inn Providence (under conversion)
- 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 Construction is leading over $150 million in property improvement and renovation work throughout its national operating portfolio.
The company recently embarked on an aggressive branding initiative which included extensive research of all TPG’s constituencies. The result is clarity of brand and purpose with clearly defined competitive differentiators. “We wanted to hear from all our constituencies therefore we spoke to a wide cross section of employees at all levels within the company, external capital partners and lenders, and all our brand partners to learn exactly how our company is perceived,” Sacco said. “Utilizing the research we gathered, we have re-solidified our focus and efforts while expanding our branding. We are reinvigorated by the research findings and now are more focused than ever on putting our strengths in the spotlight. The new name TPG Hotels & Resorts better identifies who we are today and more importantly, where we are headed based on current and future business objectives.”
About TPG Hotels & Resorts
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. 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 hospitality professionals dedicated to effectively balancing the priorities of the brands ownership groups and management while delivering exceptional guest experiences.
About PROCACCIANTI COMPANIES
The Procaccianti Group (TPG), founded in 1964, is a second generation privately‐held real estate investment and management company, operating on behalf of equity groups, with a broad national platform encompassing all sectors of real estate. For 50 years, the company has owned, developed or managed hundreds of real estate assets in coast-to-coast, surpassing 50 million square feet with a market value approaching $6 billion.
Chris Daly, media