Washington Trust backs $2.5M for Howard Johnson revamp in Mystic

MYSTIC, Conn. – Washington Trust’s commercial real estate division recently provided $2.5 million for the refinancing and renovations of the Howard Johnson Inn in Mystic.
Washington Trust, a subsidiary of Washington Trust Bancorp Inc. based in Westerly, provided the financing to Mystic Hospitality LLC, which owns the 77-room Howard Johnson Inn at 253 Greenmanville Ave., according to a press release. The funding will go toward the completion of ongoing renovations, including new flooring, furnishing and bathrooms for each room.
“The owners of this property are doing a great job upgrading their strategically placed asset in Mystic,” said Julia Anne M. Slom, senior vice president and team leader of the bank’s commercial real estate group.
“As existing clients of ours, we know the quality product that they deliver to their guests and we are pleased to be able to work with them on this project,” she added.
Washington Trust Bancorp, with assets totaling $3.8 billion, is the second largest Rhode Island-based bank.

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