Governor Lincoln Almond announced today that Sage Hospitality Resources Inc., a Denver-based hotel owner, developer, and manager has been chosen to renovate Providence’s Masonic Temple as a four-star, 250-room Marriott Renaissance Hotel. Sage expects to complete the design and permit process over the next six to eight months, with the $60 million construction project starting in the spring of 2002. The hotel is expected to open in 2005.
“Sage has an outstanding track record in transforming blighted properties into beautiful, high quality hotels, entertainment centers and office space,” Almond said. “Not only will this project provide us with the additional hotel rooms we need to attract larger conventions, but it will also dramatically enhance Smith Hill. Additionally it will bring this building back on our tax rolls, and it will create jobs.”
Sage has designed a plan that utilizes the existing structure to accommodate the guestrooms and public spaces. The plan will be presented to the Capital Center Commission, the Rhode Island Historical Preservation and Heritage Commission, and the National Park Service. Plans include development of a parcel between the existing structure and the Veterans Memorial Auditorium as a one story restaurant and lounge. From all points in the city, the Masonic Temple will look much the same as its original designers envisioned in its final form.
“In the case of the Temple project, with strong sponsorship, loan guarantees, and a large equity stakes, Sage is able to secure roughly half of the funds needed to complete this project from its lenders,” said Ken Geist, executive vice president of Sage. “Due to the severely deteriorated condition of the building, this will be a very extensive projects, one that would not be possible without the availability of Federal and State Historic Tax credits.”
Sage Hospitality Resources is a 20-year-old company specializing in the hotel industry. Sage currently operates ninety hotels, located in thirty states. With an expertise in the redevelopment of historic buildings into upscale hotels, Sage has completed four similar projects in the past five years.
Abandoned by the Masons in 1929, the unfinished Masonic Temple was acquired by the state in the 1940s.
