PROVIDENCE – Tiverton-based Hotel Asset Value Enhancement LLC and Sacramento-based Acorn Asset Management Inc. have bought the Hotel Providence from founder Stanley Weiss for an undisclosed price.
Hotel Asset Value Enhancement (hotelAVE) is one of the nation’s largest management advisory firms in the hospitality industry, according to its Web site, and includes among its clients The Beverly Hilton in Beverly Hills, Calif.; the Ritz-Carlton Palm Beach in Palm Beach, Fla.; the Don CeSar Beach Resort in St. Pete Beach, Fla.; New York’s Hotel 30 30; and the Westin Boston Waterfront. It previously contracted with the Ramada Inn in Portsmouth.
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“We have effected a seamless transition at the ownership level, and the hotel will continue to run as it has,” Michelle Russo, president of hotelAve, said in a news release. She said her company will manage the hotel, keeping its “suberb staff” and “very capable” general manager, Christine Nevers.
According to the release, the new owners are committed to maintaining and building upon the Hotel Providence’s four-diamond reputation.
“We have used the best of everything to create a world-class boutique hotel gem, commensurate to the magnificent architecture of the hotel building and its surrounding architecture that comprise our Art & Entertainment District,” Hotel Providence’s Weiss said in the release.
The Hotel Providence opened in January 2005, and is located on Westminster Street within walking distance of the theater and shopping districts, financial district, educational institutions, convention center and other city attractions. It earned an AAA Four Diamond rating for its first year of operation and was listed as the best hotel in Providence by Zagat’s 2007 survey.
Additional information is available at www.hotelAVE.com and www.HotelProvidence.com.
