PROVIDENCE – James Karam, president of Fall River-based First Bristol Corp., today announced plans to renovate the historic St. Francis Chapel at 58 Weybosset St. into a Hampton Inn & Suites.
Karam said he sees the $17 million project as an opportunity to fill the void of mid-priced hotel rooms in the city.
Your Business Has Gone Global. Has Your Insurance?
A decade ago, “doing business internationally” was mostly a large-company concern. Today, a manufacturer in…
Learn More
The Hampton Inn & Suites will include 115 rooms and suites ranging in price from $150 to $175 per night.
It will include conference rooms, a fitness center and spa, granite baths, plasma televisions, free high-speed Internet and a full complimentary breakfast.
Karam said he anticipates the project will qualify for state and federal historic tax credits.
He also mentioned that First Bristol Corp. and Granoff Associates – the current owners of St. Francis Chapel – were able to get low-interest financing through the Rockland Trust Co., which was able to offer lower rates because it was awarded new market tax credits from the U.S. Department of Treasury. The tax credits are meant to be used for economic development of urban areas in need of revitalizing.
Construction will begin in the fall and is expected to be complete within 12 months. Newport Collaborative Architects is the chosen design firm for the project.
