BankRI closes on $7.1M loan to finance renovations to Atlantic Inn

PROVIDENCE – Bank Rhode Island will provide the financing for several planned renovations to the Atlantic Inn on Block Island ahead of the 2024 tourism season, the bank announced.

The bank’s Commercial Real Estate division, which provides financing for the construction, refinancing or purchasing of investment real estate projects, closed on a $7.1 million loan to Two Tickets AI Holdings LLC in late December to refinance the historic, landmark hotel and fund the improvements.

Sitting on more than 3 acres of land overlooking the town of New Shoreham and the ocean beyond, the Atlantic Inn contains two buildings with a total of 23 rooms, the bank said in a news release.

The hotel’s main house was constructed in 1879 and its adjacent structure was built in 1986. The hotel also features a full-service restaurant called the 1879 and an extensive, award-winning wine cellar recognized by Wine Spectator Magazine, according to the release.

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Improvements that will be made to the hotel include replacing windows, installing mini-split air conditioner units, upgrading the guest bathrooms and installing a new fire suppression system. These renovations follow other recent updates such as remodeled common areas and main lobby, new flooring, restoration of the restaurant bar, new kitchen equipment, and lighting enhancements.

“Block Island is one of the jewels of the Ocean State, and the Atlantic Inn is a popular destination for out of state visitors – and local residents – who want to enjoy a beautiful and relaxing getaway,” BankRI Commercial Real Estate Vice President Jane Long, who facilitated the deal on the bank’s behalf, said in a statement. “This was a great deal to realize, both for my client and for expanding our lodging portfolio.”