PROVIDENCE – The Sportsman’s Inn, a long-standing adult entertainment venue and hotel on Fountain Street, was sold Friday to a group of investors who intend to convert the four-story brick building into a boutique hotel, real estate broker Peter M. Scotti said.
The sale, for $1.6 million, had been pending for close to a year and the Sportsman’s Inn closed two weeks ago in anticipation of the sale.
The name of the buyer was not disclosed, but Scotti described the new ownership as a group including at least four local real estate investors. The seller of the 27,000-square-foot red brick building was DLM Inc.
The sale was financed with a $1 million loan from the Providence Revolving Fund, fund Executive Director Clark Schoettle said.
Additional financing was provided by Rockland Trust Bank and the buyers have been granted a tax stabilization agreement with the city, Scotti said.
The new boutique hotel is planned to include the same number of rooms as the old establishment, 60, and should take around one year to convert, Scotti said.
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
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.