Officials of The Buccini/Pollin Group, a privately held, full-service real estate acquisition, development, and management company (BPG), today announced that it has acquired the 238-room Hilton Melbourne Rialto Place in Melbourne, Florida. PM Hotel Group, a leading, national hotel management company based in Washington, D.C., will operate the hotel.
“BPG’s recent acquisition of the beautifully renovated Hilton Melbourne Rialto Place reflects the continued success of our strategy of acquiring newly renovated, premier-branded, full-service hotels in key business markets across the U.S.,” said Dave Pollin, co-founder, BPG. “With strong marketing and management, we believe this hotel has excellent upside. We now own and operate twenty-six hotels with several other acquisitions and development projects in the works.
“The Hilton Melbourne Rialto Place is the only full-service, first-class hotel in the mainland market. It is centrally located just one-mile from the Melbourne International Airport; the surrounding aerospace industry’s booming Space Coast industrial base; Melbourne’s beautiful beaches; and multiple nearby youth sports complexes. The property also benefits from its sophisticated style, many recreational amenities, including tennis and basketball courts, and Hilton’s world class global distribution system.”
The hotel recently completed an extensive $5 million upgrade. With more 12,000 square-foot of function space, the Hilton Melbourne Rialto Place is one of the busiest meeting and event hubs on Florida’s Space Coast.
2017 was a particularly active year for BPG. Other highlights include:
- Completed construction on the 310-room Embassy Suites Midtown Manhattan, the only Embassy Suites in New York City, opening January 17, 2018.
- Acquired the 238-room DoubleTree by Hilton Wilmington, Delaware.
- Broke ground on the 260-room Virgin Hotels Nashville, Tennessee, in partnership with Virgin Hotels and founder Richard Branson.
- Acquired the HOTEL DU PONT, the historic, Four Diamond, Grande Dame in the heart of Wilmington, Delaware.
- Acquired the Sheraton DFW Airport Hotel, a 302-room, recently renovated hotel in dynamic Irving, Texas, epicenter of the Dallas Metroplex.
- Completed more than $30 million in renovations, upgrades, and repositioning, including a complete reimagining of the 353-room Sheraton Raleigh Hotel in N.C.; opening the first Renaissance Hotel in downtown Philadelphia; and an addition and comprehensive renovation of the Fairfield Inn by Marriott King of Prussia, Pennsylvania.
- Nearing completion of the 177-room Canopy by Hilton Hotel Washington, D.C.—Bethesda North, opening in February, 2018.
- Nearing completion of the 153-room Canopy by Hilton Portland, Oregon—Pearl District in April, 2018.
“We maintain a full acquisition and development pipeline as we enter 2018,” Pollin added. “With the economy continuing to hum along and continued low interest rates, we forecast a happy and healthy New Year for both BPG and the hotel industry at large.”
Source: The Buccini/Pollin Group/ Business Wire
Image courtesy: © 2018 Hilton Hotels & Resorts