Providence Biltmore sold

THE BILTMORE Providence has been sold, according to a press release on Hotel Online. / PBN FILE PHOTO
THE BILTMORE Providence has been sold, according to a press release on Hotel Online. / PBN FILE PHOTO

PROVIDENCE – The historic hotel Providence Biltmore has been sold, according to an announcement by AJ Capital Partners in a press release published by Hotel Online, a hospitality industry website.

The Chicago-based company indicated it plans a comprehensive renovation and a conversion to its Graduate brand by spring 2019, according to the notice.

The sale date and purchase price were not disclosed. As of Monday, the transaction had not been recorded at the Providence registry of deeds.

“We are thrilled to announced the acquisition of Providence Biltmore Hotel, marking our second entry into an Ivy League market,” says Tim Franzen, president of Graduate Hotels in a prepared statement. “This property is perfectly positioned at the city’s epicenter, offering visitors convenient access to everything Providence has to offer, including its five universities. In turn, once transformed into Graduate Providence, we aim to offer locals a dynamic community-centric gathering space they can call their own.”

- Advertisement -

A spokesman for AJ Capital Partners could not be reached for comment this week. A company representative at Finard Properties LLC, which has owned the Biltmore since May 2012, declined comment on Monday. The Boston-based company purchased the hotel in a court-facilitated sale for $15 million, according to city and court records.

Finard Properties completed a $13 million renovation of the Biltmore in 2015.

Built in 1922, the hotel was designed by the firm Warren and Wetmore, the same architects who created Grand Central Station in New York. In addition to its guest rooms, the hotel at 11 Dorrance St. has 18,000 square-feet of event space and a spa. The hotel has a restaurant tenant, McCormick and Schmick’s, on the first floor.

The Graduate Hotels brand, launched by the hotel chain in 2014, is a collection of boutique hotels based in university-dominated towns and cities across the U.S., including in Ann Arbor, Mich., Athens, Ga., Oxford, Ms. And New Haven, according to the AJ Capital Partners website.

With 294 rooms, the Biltmore is not considered a boutique hotel. In its press release, the company emphasized its location in Providence near five universities, as well as its convenience to transportation hubs and cultural amenities.

“Created for travelers who seek memory-making journeys, Graduate Hotels are part of a well-curated, thoughtfully crafted collection of hotels that reside in the most dynamic, university-anchored cities across the country,” the Hotel Online release summarized.

Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.

 

No posts to display