PROVIDENCE – The Providence Biltmore sold to a Chicago company for $43.6 million on Oct. 16, according to property records at City Hall.
The deed, filed on Wednesday, records the sale from AG-FINCOV Biltmore Owner LLC of Boston, to Biltmore Providence Owner LLC, of Chicago. The price was $43,552,500 and does not include a tax liens that will be paid by the seller of $107,442.18, according to the records.
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AJ Capital Partners, the hotel’s new owner, plans to rebrand it as Graduate Providence and embark on a significant renovation. The owner’s representative has not responded to phone calls seeking comment.
The Providence Biltmore, at 11 Dorrance St., last was sold in 2012 for $15 million in a court-assisted transaction, according to city records.
Finard Properties LLC, the hotel’s previous owner, completed a $13 million renovation of the Biltmore in 2015.
Built in 1922, the hotel has 294 guest rooms and event space, as well as two restaurant tenants on the first floor.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@PBN.com.
