Updated May 22 at 5:40pm

Sign up to receive Providence Business News' newsletters
and breaking news alerts.  

hospitality

Finard closes on Biltmore purchase

Posted:

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.

providence biltmore, finard coventry hotel management, todd finard, iconic hotel, renovations, receivership

Comments

No comments on this story | Please log in to comment by clicking here
Please log in or register to add your comment
Latest News