PROVIDENCE - A New York City investment firm is investing more than $10 million in the Providence Biltmore Hotel to help complete a $13 million restoration project at the hotel.
Angelo Gordon & Co., the investment firm, shares owner and operator Finard Coventry Hotel Management’s vision for the hotel, said Michael Chang, Angelo Gordon’s managing director. The Boston-based Finard Coventry undertook a traditional financing plan, and Angelo Gordon has stepped in as a joint venture partner, he said.
Angelo Gordon’s capital improvement and room renovation program will “return the Biltmore to its position as a market leader in the Providence market and offer visitors an exemplary guest experience,” Chang said in a statement.
Design and planning work is already underway.
Todd Finard, a principal of Finard Coventry, said the joint venture represents an investment not just in the project, but in the city itself.
“We are eager to restore this iconic hotel located in the heart of downtown Providence to its former glory complete with modern conveniences and amenities,” he said in a statement.
The restoration of all 294 guest rooms as well as the guest corridors will begin this winter and should be completed by spring 2014. Later in 2014, the lobby, junior ballroom and meeting rooms will be renovated, the partners said.
The hotel, located at 11 Dorrance St., will remain open during the renovation.
Angelo, Gordon & Co. is a privately-held registered investment adviser dedicated to alternative investing.
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