By almost any measure, James Procaccianti is an American success story. His pre-eminent position in the world of real estate reflects the strong set of values and work ethic instilled in him by his parents, combined with his own instincts for profitable real estate deals and his round-the-clock passion for excellence.
Jim learned the basics of real estate, not from a textbook, but from his parents, Armand and Eve, who began acquiring residential and commercial real estate in 1964. At age fourteen, Jim began spending time after school collecting rents or working on maintenance crews. Two years later, with a loan from his parents, Jim purchased his first property”a multi-unit dwelling on Providence’s South Side. By his eighteenth birthday he had amassed a collection of seven properties.
Although tempted by the dream of pursuing a career in professional baseball, Jim remained with the family business, and by the late 1980s replaced his father as CEO of the company. The budding Procaccianti real estate empire changed dramatically with the acquisition of a hotel”the Comfort Inn in Warwick. A new real estate acquisition strategy emerged. Jim, his sister Elizabeth, and a growing team of professional staff now began buying underperforming hotels at below market prices, invested in rehabilitation, and rebranded them with high-profile flags.
The success of his development strategy is nothing short of remarkable. Today, The Procaccianti Group ranks among the top ten privately-held hotel owner-operators in America. Currently, Jim’s portfolio includes 57 hotels in 20 states. His major company, TPG, employs more than 8,000 and has owned or developed more than 20 million square feet of real estate.
True to his Rhode Island roots, Jim is an integral part of the Downtown Providence renaissance. Besides the spectacular 32-story addition to the Omni (then Westin) Hotel and residences, his ownership of the original Westin, and his remodeling of the old Holiday Inn with a new Hilton flag, he envisions a mixed-use tower on the site of the former police station and another major commercial development near the Dunkin’ Donuts Center. It would be no exaggeration to describe Jim Procaccianti as the driving force in the 21st century development of Downtown Providence. Though a current resident of Jamestown, he is making Providence appear like James’s Town!
For his entrepreneurship, his pursuit of excellence, and his commitment to our state, Jim richly deserves induction into the Rhode Island Heritage Hall of Fame.