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Finard Coventry Hotel Management Closes on $16 million Purchase
of the
292-room Providence Biltmore in Rhode Island

The Circa 1922 Hotel will Remain Open During a $10 Million Renovation

PROVIDENCE, R.I., June 1, 2012 -- Finard Coventry Hotel Management announced today that it has closed on its $16 million purchase of the historic Providence Biltmore, a landmark 292-room hotel located in the heart of downtown. The new ownership represents the next chapter for this storied property, originally constructed in 1922 and placed on the National Preservation Register. The Providence Biltmore, now affiliated with Preferred Hotels and Resorts, will remain open during a planned $10 million-plus renovation.

"We are delighted to become stewards of this iconic hotel that is so much a part of the fabric of the city," said Todd Finard, principal of Finard Coventry Hotel Management. But it's not all about bricks and mortar, Finard went on to explain, "It's the people that make the Biltmore such a jewel...from the front desk to the bartenders to the incredible back of the house team...that's the most valuable component to this asset."

Scope of the planned renovation includes building new infrastructure and systems; a new roof; repair of exterior facade brickwork; and remodeling of the ballrooms and meeting rooms, lobby, guestrooms, and corridors. Finard Coventry Hotel Management has been working diligently throughout the acquisition process to finalize program details, to be released at a later date. Work is expected to begin within a matter of months and could take up to two years to complete.

The hotel's new ownership and resulting improvements are expected to boost local employment. The Providence Biltmore currently employs a staff of 179 full- and part-time workers. Projections cite the creation of up to 29 additional permanent, full-time jobs at the hotel and dozens of temporary jobs during the renovation process.

The Providence Biltmore comprises 292 guestrooms; 19,000 sq. ft. of function space, including 18 meeting and banquet rooms and a rooftop grand ballroom that is home to more than 75 weddings per year and many notable events. Guests may also enjoy The Spa at The Providence Biltmore, a luxurious spa retreat perfect for destination spa visits, day-spa use, bridal services or simply as an escape after a day of meetings. The hotel is home to McCormick and Schmick's Seafood Restaurant and a Starbucks, located within the lobby. Other amenities include business center, fitness center, WI-FI Internet access, in-room cable TVs, and valet parking.

The Providence Biltmore is located at 11 Dorrance Street, Providence, Rhode Island 02903. For more information about the hotel, visit online at www.providencebiltmore.com. For reservations, call toll-free 800.294.7709.

About Finard Coventry
Finard Coventry Hotel Management is a full-service hotel operating, consulting, and development company headquartered in Boston. Formed in 2011, the company unites the talents of Finard Properties, a leader in the commercial real estate sector, and Coventry Hotel Associates, well known within the hospitality industry.
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Contact:

Lori Moretti / Meg Fitzgerald
CM Communications
617.536.3400
mfitzgerald@cmcommunications.com


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Also See: Rebranded and Renovated Provincetown's Cape Inn About to Debut as Harbor Hotel Provincetown Managed by Finard Coventry Hotel Management and Owned by Finard Properties and Turnstone Property / April 2011
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