WARWICK – The former Wyndham Hotel property at 1850 Post Road was sold recently for $5.9 million, according to public records.
The five-story hotel property, which most recently operated as The Cru Hotel and the Sheraton Providence Airport Hotel before that, was bought by a Delaware-based limited liability company called 1850 Post Road Owner LLC, according to the warranty deed, a public record of the sale.
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The former hotel property was sold by Shiva LLC, a Massachusetts-based limited liability company managed by Jay Patel.
According to Lila Delman Compass, the real estate firm that represented the seller, the 1850 Post Road Owner LLC company belongs to a “prominent group specializing in hotel-to-apartment conversions.” The real estate firm did not name the company behind 1850 Post Road Owner LLC but said the new owners plan to build 150 studio apartments there.
According to an online database maintained by the Division of Corporations for the Delaware Department of State, the 1850 Post Road company was registered by Cogency Global Inc., a national company established in 1980 that specializes in establishing limited liability companies on behalf of businesses, nonprofits and lenders.
In late 2021, a New York company called GoodHomes Co. LLC. told Providence Business News that it planned to purchase the 207-room hotel from Shiva LLC in order to convert the 137,968-square-foot building through a $15 million renovation into “workforce housing,” including one-bedroom units and studio apartments, David Mitchell, a partner at GoodHomes Co. and its affiliate Landing Partners LLC, said at that time.
A website for GoodHomes still lists the Warwick location on a map of residential projects in its portfolio.
The former hotel property was originally built in 1972 as the Airport Sheraton, according to Lila Delman Compass.
Gregory Arekalian, commercial director at Lila Delman Compass, along with Dave Lawrence, sales associate for the real estate firm, represented the seller of the hotel property. Arekalian said the property’s viability as a hotel took a hit as a result of the COVID-19 pandemic.
“The listing emerged during a challenging period for airport hotels, as the COVID-19 pandemic severely impacted the industry,” Arekalian said. “The new owners are poised to transform the property into 150 studio apartments at a time when demand for quality, reasonably priced housing is at a new high. These apartments will offer an array of exceptional amenities, including an indoor pool and fitness center while maintaining convenient accessibility for all modes of transportation.”
After the Cru Hotel business shut down several years ago while owing the city more than $860,000 in back taxes, the property was used by the state of Rhode Island in 2020 as a COVID-19 quarantine center during the height of the pandemic.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
