hospitality & tourism

Prospective Biltmore buyer backs out

Posted 12/12/11

PROVIDENCE – Sale of the bankrupt Biltmore Hotel, scheduled to take place Friday in Superior Court, has fallen through.

Providence attorney Richard L. Gemma, receiver for the downtown landmark, told Providence Business News Thursday afternoon the potential buyer decided to exit the purchase and sales agreement that had been arranged for a selling price of $18 million.

The 292-room hotel is owned by Historic Hotel Partners of Rhode Island LP. The potential buyer was Providence Hospitality LLC, an affiliate of Linchris Hotel Corp. of Hanover, Mass., a hotel management company that serves and partially owns about 25 hotels on the East Coast. The sale at that price “did not fit in with its [Linchris] business plan,” Gemma said.

Gemma said Linchris may be interested in acquiring the Biltmore at a lower price, but he declined to provide further details.

Meanwhile, Gemma said he is not worried about the hotel’s fate because he’s already received another offer and “other major hotel players from all over the country” are interested. “I expect two or three more offers” in the coming days, Gemma said.

The 89-year-old city landmark with 292 guest rooms and 195 employees entered receivership earlier this year, weighed down by approximately $30 million in debt. The sale to the Linchris affiliate would have been finalized at Friday morning’s session in Superior Court. The Biltmore remains open for business.

PBN Hosted

Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
  • Manufacturing Awards
    Applications are now being accepted for the 2nd Annual Manufacturing Awards. Dea ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News