Cranston, Rhode Island-based alternative asset manager Procaccianti Cos. has acquired a pair of boutique hotels on Nantucket for $4.2 million.

The Veranda House Hotel Collection contains 29 guest rooms in two adjacent buildings in the downtown area. The Veranda House, built in 1684 and renovated in 2007, contains 18 guest rooms while The Chapman House, which dates back to 1830, contains 12 guest rooms.

TPG Hotels & Resorts, Procaccianti Cos.’ operations arm, will manage both properties.

HFF’s Denny Meikleham, Alan Suzuki and Matthew Enright represented the sellers, Veranda House LLC, while Lauren O’Neil and Martha Nay from HFF’s debt placement  and secured 10-year acquisition financing from Savings Institute Bank & Trust.