Former Residence Inn, now Sonesta extended-stay hotel, sells for $5.2M

THE SONESTA ES SUITES Providence – Airport hotel at 500 Kilvert St. in Warwick was recently sold for $5.2 million. / SCREENSHOT FROM GOOGLE MAPS

WARWICK – The property that operates as the Sonesta ES Suites Providence – Airport hotel in Warwick was recently sold for $5.2 million, according to public records documenting the transaction.

The 500 Kilvert St. property, comprising seven two-story buildings that were constructed in 1989, was acquired earlier this month by Shivam RI Hotels LLC, a limited liability company based in Rutherford, N.J.

The hotel was sold to Shivam by Hpt Ihg 2 Properties Trust, a company affiliated with the Newton, Mass.-based Sonesta International Hotels Corp.

A spokesperson for Sonesta said the property will continue to operate under the same name and brand, without any interruption of hotel operations, as part of a franchise agreement it reached with the new owner. Reservations can still be made through www.Sonesta.com, along with several third-party travel booking sites, with rates starting at $139 per night.

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Sonesta, which has 280 hotel and lodging sites in eight countries, had purchased the Warwick hotel property in 2017 when it was formerly operating as a Residence Inn. The property was then rebranded into an extended-stay hotel with apartment-style living for families seeking lodging during home renovations and for business travelers on extended work trips, with Sonesta promoting the site’s proximity to the corporate offices of companies such as Citizens Bank, Textron, Gilbane and United Natural Foods Inc.

Shivam RI Hotels is affiliated with Allstar Hotels LLC and New Jersey businessman Ronak Patel, who has also been involved in the hotel industry with other properties in Florida, Maryland, Ohio and Oklahoma. An effort to reach Patel for comment earlier this week was unsuccessful.

Describing itself as the eighth-largest hotel company in the world, Sonseta said on its website that more than 1,200 locations operate under one of its 12 hotel brands through similar franchising agreements forged with hotel property owners around the world. That franchise portfolio now includes the 500 Kilvert St. property.

“The Sonesta ES Suites Providence Airport will remain under the same brand and name as it was prior to the sale,” said Lorie Juliano, a spokesperson for the company.

The former Residence Inn property was most recently valued by Warwick property assessors in 2021 as being worth $6.26 million, more than $1 million greater than the recent sale of the property, according to public records. The previous sale price when Hpt Ihg 2 Properties Trust bought the property in 2017 was $8.8 million.

Marc Larocque is a PBN contributing writer. 

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