The Sponsor, TPG 100 Sabin Hotel, LLC, is proposing to build a 176-room Residence Inn by Marriot extended stay hotel at 100 Sabin Street in downtown Providence. Total project costs are estimated at approximately $59.7 million.
The sponsor has requested up to $100,000 in Rebuild Rhode Island Tax Credits to be issued over five years, a Sales and Use Tax Reimbursement estimated at $1.3 million, and $6 million in Tax Increment Financing. The incentives will not begin until the project is completed.
The Sponsor, TPG 100 Sabin Hotel, LLC is an entity of the Procaccianti Companies, Inc., a Cranston-based diversified real estate investment and services organization founded in 1958. The group has owned, developed, or managed hundreds of assets coast to coast, surpassing 50 million square feet of real estate. The hotel’s operator TPG Hotel & Resorts (“TPG”) is the 7th largest hotel management company in the U.S with an historical operating platform of over 150+ branded, independent and boutique hotels compromising more than 25,000 guestrooms in 28 states.