TPG acquires two hotels: Tudor Hotel at the U.N., Holiday Inn SoHo

Cranston, R.I.-based real estate developer/hotelier, The Procaccianti Group (TPG), has acquired two hotels: The 300-room Tudor Hotel at The United Nations and the 227-room Holiday Inn SoHo. TPG also appointed former Helmsley Enterprises operations director, Louis LLach, as area manager. Located in Midtown, The Tudor Hotel at the United Nations is listed on the National Register of Historic Places as part of the Tudor City historic area and is in close proximity to several of the area's major demand generators. The Tudor is located directly across the street from the Pfizer World Headquarters and is nearby the world headquarters of Metropolitan Life Insurance and Colgate Palmolive, as well as the expanding banking industry along 3rd Avenue. The Procaccianti Group plans to invest $8-10 million in the Tudor Hotel at the United Nations to upgrade the guest rooms and other public space. The Holiday Inn SoHo is located in the SoHo neighborhood, one of the most renowned shopping and entertainment districts in the city. Cushman & Wakefield Sonnenblick Goldman was hired by the seller of each property to serve as the exclusive advisor for each transaction.