UMass Lowell to Acquire Downtown Lowell Hotel for Student Housing, Events

LOWELL, Mass., June 10 /PRNewswire-USNewswire/ -- In a move that will bring
students and professionals directly to the city's vital downtown, the
University of Massachusetts Lowell has agreed to purchase the Doubletree Hotel
in Lowell.

The 252-room hotel, to be renamed the UMass Lowell Inn & Conference Center,
will provide housing for hundreds of University students and host professional
and academic conferences.

By dramatically increasing the occupancy rate of the hotel, the University
will build on its positive economic impact by bringing an influx of people
into the central business district's restaurants, shops and cultural venues.

The UMass Building Authority plans to purchase the hotel from The Procaccianti
Group, based in Rhode Island, for $15 million on July 31. Another $4 million
will be spent on renovations to the nine-story building.

"The Inn & Conference Center will transform this key facility in the heart of
downtown into the social, cultural and intellectual hub that was imagined in
1986 when the hotel opened," said Chancellor Marty Meehan. "By combining
educational excellence and strong partnerships in the community, UMass Lowell
will establish a home base for activities that will enhance and showcase the
city."

UMass Lowell has a successful track record of drawing top-notch conferences,
and hosts more than 1,000 events annually. Such events will attract a stream
of visitors to Lowell's vibrant and diverse downtown.

"The entire face of the downtown will be changed as new residents and visitors
converge on businesses, venues, restaurants and retailers," said Jeanne
Osborn, president and CEO of the Greater Lowell Chamber of Commerce.

The acquisition will benefit Middlesex Community College's nearby downtown
campus, allowing collaboration on programs for students, such as culinary arts
and hospitality management, and the business community.

The hotel purchase will help meet UMass Lowell student housing needs and
contribute to student success. Increased enrollment and popularity of campus
life led to a waiting list of more than 400 students last fall and to
accommodate requests, off-campus sites like the Radisson Hotel in Nashua,
N.H., were used. The University is working toward a 50-50 mix between
commuters and residents to enhance the quality of student life and improve
retention.

A report on the Inn & Conference Center is available at
www.uml.edu/media/inn_and_conference_center.pdf.

SOURCE University of Massachusetts Lowell

Patricia McCafferty, +1-978-934-3238, Patricia_McCafferty@uml.edu, or
Christine Gillette, +1-978-934-2209, Christine_Gillette@uml.edu, both of the
University of Massachusetts Lowell