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TPG Hotels & Resorts Expands Upscale Boutique Hotel Collection with Management of the Newport Harbor Hotel & Marina

Procaccianti Companies, one of the nation's premier real estate investment and services firms, today announced the acquisition of the Newport Harbor Hotel & Marina, located in Newport, Rhode Island. TPG Hotels & Resorts, one of the nation's premier hospitality management firms, will manage the hotel as part of the Intera Collection, and TPG Marinas will operate the marina.

The Newport Harbor Hotel & Marina is located in the heart of Newport's Historic waterfront district and includes 7,000 square feet of event and restaurant space. The 65-slip marina comprises over five acres of waterfront real estate. The Saltwater restaurant offers spectacular views with a classic combination of New England charm and cuisine.

 "This exceptional asset is a wonderful addition to the Intera Collection, said Ben Perelmuter, President of TPG Hotels & Resorts. "The addition of our sophisticated management systems, strategic marketing, and robust revenue management strategies will enhance the asset's value. Adding this historic property to our growing portfolio of third-party managed assets aligns perfectly with our approach to seeking high-quality third-party management opportunities for branded and non-branded independent hotels throughout the United States.

Newport is approximately a 90-minute drive from downtown Boston, a 2-hour boat ride from Montauk and Martha's Vineyard, which makes it accessible by car and an experiential destination for boaters. Newport was named one of the top ten wedding destinations in the world by U.S. Travel + Leisure.