Courtyard Providence Downtown acquired by DelMonte, Rockbridge

THE COURTYARD PROVIDENCE Downtown, operated by Marriott at 32 Exchange Terrace at Memorial Boulevard, was recently bought for $28.6 million by two companies called DelMonte Hotel Group and Rockbridge. / COURTESY DELMONTE HOTEL GROUP

PROVIDENCE – The Courtyard Providence Downtown, operated by Marriott at 32 Exchange Terrace at Memorial Boulevard, was recently bought by two companies called DelMonte Hotel Group and Rockbridge.

According to the special warranty deed, a public record of the April 2 sale, the downtown hotel property was sold by HIT Portfolio I Owner LLC for $28.6 million to 32 Exchange Terrace Hotel LLC.

HIT Portfolio I Owner LLC is a Delaware limited liability company affiliated with Bruce Riggins, president, chief financial officer and treasurer of the New York City-based Hospitality Investors Trust Inc., while 32 Exchange Terrace Hotel LLC is affiliated with DelMonte and Rockbridge.

The seven-story, 219-room hotel, located in downtown Providence across from the R.I. Convention Center and WaterPlace Park, will soon receive a complete makeover, according to its new owners.

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“We have exciting plans for the hotel, which includes a top-to-bottom renovation of the asset,” said Alexander DelMonte, CEO and president of the DelMonte Hotel Group. “With over 50 years of hospitality experience, DHG has a proven track record, and we look forward to continuing our expansion into new markets.”

DelMonte Hotel Group is based in Rochester, N.Y., and the development company established in 1973 now has a portfolio of 17 hotels throughout New York, Pennsylvania, Ohio, Tennessee and now Rhode Island, under both the Marriott and Hilton brands. The acquisition of Courtyard Providence Downtown marks DelMonte’s first venture into Rhode Island.

Rockbridge, based in Columbus, Ohio, is a hospitality-focused investment firm established in 1999, with $3.8 billion in assets under its management. The company has invested in more than 295 real estate and hospitality projects in 39 states across the country, according to the Rockbridge website.

“We are thrilled to grow our partnership with Rockbridge with the acquisition of the Courtyard Providence Downtown,” DelMonte said.

According to the city’s online property tax evaluation database, the hotel, with an official address of 5 Memorial Blvd., was most recently valued by Providence assessors in fiscal year 2023 as being worth $20 million. The 130,000-square-foot building was constructed in 2000, according to the online database, and it stands on a 1.56-acre lot.

Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama. 

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