New York investment firm to help restore Providence Biltmore Hotel

A New York City investment firm is investing more than $10 million in the Providence Biltmore Hotel to help complete a $13 million restoration project at the hotel. More

To continue reading this article, please do one of the following.



investing

New York investment firm to help restore Providence Biltmore Hotel

COURTESY PROVIDENCE BILTMORE
NEW YORK INVESTMENT FIRM Angelo Gordon & Co. will invest more than $10 million in the Providence Biltmore Hotel to "return the Biltmore to its position as a market leader in the Providence market."
Posted 9/17/13

PROVIDENCE - A New York City investment firm is investing more than $10 million in the Providence Biltmore Hotel to help complete a $13 million restoration project at the hotel.

Angelo Gordon & Co., the investment firm, shares owner and operator Finard Coventry Hotel Management’s vision for the hotel, said Michael Chang, Angelo Gordon’s managing director. The Boston-based Finard Coventry undertook a traditional financing plan, and Angelo Gordon has stepped in as a joint venture partner, he said.

Angelo Gordon’s capital improvement and room renovation program will “return the Biltmore to its position as a market leader in the Providence market and offer visitors an exemplary guest experience,” Chang said in a statement.

Design and planning work is already underway.

Todd Finard, a principal of Finard Coventry, said the joint venture represents an investment not just in the project, but in the city itself.

“We are eager to restore this iconic hotel located in the heart of downtown Providence to its former glory complete with modern conveniences and amenities,” he said in a statement.

The restoration of all 294 guest rooms as well as the guest corridors will begin this winter and should be completed by spring 2014. Later in 2014, the lobby, junior ballroom and meeting rooms will be renovated, the partners said.

The hotel, located at 11 Dorrance St., will remain open during the renovation.

Angelo, Gordon & Co. is a privately-held registered investment adviser dedicated to alternative investing.

Calendar
PBN Hosted
Events

Save the Date - Thursday, May 29th - for the Business Women Awards Luncheon at the Providence Marriott. Winners to be announced May 2nd.
  • Manufacturing Awards
    Only a few seats remain for PBN's Manufacturing Awards Dinner and Ceremony, Thur ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News