PROVIDENCE – Finard Coventry Hotel Management announced Thursday that it has closed on its $16 million purchase of the Providence Biltmore Hotel.
“We are delighted to become stewards of this iconic hotel that is so much a part of the fabric of the city,” said Todd Finard, principal of Finard Coventry, in a statement. “It’s the people that make the Biltmore such a jewel … from the front desk to the bartenders to the incredible back of the house team … that’s the most valuable component to this asset.”
The company said planned renovations include new building infrastructure and systems, a new roof, repair of exterior brickwork, and remodeling of the ballrooms, meeting rooms, lobby, guestrooms and corridors. Work is expected to begin soon and take up to two years to complete.
The company also said its ownership and improvement projects will create up to 29 permanent full-time hotel positions as well of dozens of temporary jobs during renovations.
The Providence Biltmore went into receivership in 2011 with $30 million in debt.
The 89-year-old city landmark was close to being sold last December to Providence Hospitality LLC, an affiliate of Linchris Hotel Corp. of Hanover, Mass., but the company pulled out at the last minute due to dissatisfaction with a sale price of $18 million.
Finard Coventry, headquartered in Boston, was formed in 2011 in a merger of Finard Properties, a commercial real estate business, and Coventry Hotel Associates.
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.