Inner Harbor Holiday Inn is purchased by R.I. firm

The Holiday Inn Baltimore Inner Harbor has been acquired by The Procaccianti Group, a Providence, R.I.-based real estate investment and management company, the firm announced Tuesday.

The purchase of the 13-story, 365-room hotel on West Lombard Street brings the company's hospitality properties to 61 hotels in 23 states, the firm said in a statement.

"We believe this hotel is properly positioned to benefit as the market continues to rebound and key performance indicators improve," Robert Leven, The Procaccianti Group's chief investment officer, said in the statement.

The price of the acquisition was not disclosed.

The hotel, which had been in receivership, was purchased from Torchlight Investors, according to a spokesman for The Procaccianti Group.

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