Group provides financing for R.I., Penn. Hotels

A Rhode Island-based real estate group recently provided funds for two hotel projects in Rhode Island and Pennsylvania.
The financier, Washington Trust’s Commercial Real Estate Group, provided $15.777 million to two properties of Chartwell Hotels, a full-service hotel development and management company operating throughout eastern part of the country, according to a press release.
Warwick CHI LLC, principal owner of SpringHill Suites in Warwick, received $8.025 million to fully renovate its 107-room property along with its lobby, according to the release.
Chartwell Laurel Street LLC, principal owner of Residence Inn in Williamsport, Pennsylvania, received $7.752 million to refinance its 97-room property, which opened in January 2013. The Williamsport hotel has extended-stay suites specifically made to meet the demands of an emerging natural gas market in the area, according to the release.
Both hotels are a part of the Marriott Modern Essentials brand.
“As brands of Marriot, both Residence Inn and SpringHill Suites are well-established names in the hospitality industry,” said Joseph MarcAurele, Washington Trust chairman and chief executive officer. “With the growing gas industry in north central Pennsylvania and Warwick’s close proximity top Providence and Boston, both properties are poised for growth.”
Chartwell Hotels has owned and operated various hotels since 1985, including Marriott, Hilton, Starwood, Intercontinental and Raddison brands, according to the release. It currently manages eight hotels in Pennsylvania, New York and Rhode Island.
Washington Trust’s Commercial Real Estate Group provides commercial real estate mortgages for construction, refinancing, or purchasing of investment real estate projects ranging from hundreds of thousands of dollars to multimillion dollars, according to the release.

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