A vacant building in downtown Providence, R.I., may soon become an extended-stay hotel. The Procaccianti Group is expected to announce plans for the 170-room project, right across the street from the Rhode Island Convention Center and the Dunkin’ Donuts Center, reports the Providence Journal.
Paul Sacco, CDO for PGI Hospitality, said the project “represents a $40-million private investment in Providence.”
If the hotel comes to fruition, it will reportedly be the city’s first hotel since the Dean, a 65-room hotel, which opened earlier this year, the Journal reports.
The Procaccianti Group has owned the three-story building at 111 Fountain St. for nine years. The company purchased the building in 2005 for a reported $2.3 million from local developer.
The Procaccianti Group, based in Rhode Island, has been bullish on Providence of late. In January of last year, it acquired the 264-room Renaissance Providence Hotel from Sage Hospitality. Financial terms were not disclosed.