The Buccini/Pollin Group is the new owner of Hilton Melbourne Rialto Place in Melbourne, Fla. Its hotel management arm PM Hotel Group will operate the 238-room hotel.
The hotel is near the Melbourne International Airport, the Space Coast industrial base, beaches and youth sports complexes. The property recently underwent an extensive renovation valued at $5 million.
This most recent acquisition falls in line with BPG's expansion strategy to buy newly renovated, full-service hotels in key cities across the U.S. Now, the group owns and operates 26 hotels. In addition, "several other acquisitions and development projects are in the works," Dave Pollin, co-founder, BPG, said in a statement. BPG completed more than $30 million in renovations and rebrands of its own in 2017. These include the renovation of the Fairfield Inn by Marriott King of Prussia, Pa., the opening of downtown Philadelphia's first Renaissance Hotel and the rebrand of the 353-room Sheraton Raleigh Hotel in North Carolina.
Meanwhile, construction is finally complete on the Embassy Suites Midtown Manhattan in New York, another project BPG developed. The 320-room hotel is set to open Jan. 17, 2018. The group began construction on the 260-room Virgin Hotels Nashville with Virgin Hotels and its founder Richard Branson last year. Other projects close to completion include the 177-room Canopy by Hilton Hotel Washington, D.C. Bethesda North opening in February 2018 and the 153-room Canopy by Hilton Portland, Ore. Pearl District opening a month later.
These openings will follow BPG's acquisitions of the 238-room DoubleTree by Hilton Wilmington, Del., the Hotel Du Pont in the same city and the recently renovated 302-room Sheraton DFW Airport Hotel in Irving, Texas last year.
The group's portfolio of U.S. real estate assets, which include hotel, office, residential, retail and parking properties, totals $4 billion. BPG also invests in more than 40 hotels, 6 million square feet of office and retail space, 10 residential communities and several entertainment venues, including the Philadelphia Union Major League Soccer team's Tan Energy Stadium. BPG's subsidiaries PM Hotel Group, BPG Real Estate Services, ResideBPG and BPGS Construction manage these properties along with company services.