RI judge approves $16M sale of Providence Biltmore
February 17, 2012
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PROVIDENCE, R.I.—The Providence Biltmore's financial problems have come to an end after a state judge approved plans by a Boston firm to buy the landmark hotel for $16 million.
Superior Court Judge Michael Silverstein approved the Biltmore's sale to Finard Coventry Hotel Management on Thursday. The company plans to spend another $10 million to $13 million renovating the 90-year-old hotel, which is listed on the National Register of Historic Places.
The 292-room Biltmore was forced into state receivership last year when lenders sought to recover $25 million from the hotel's owners, but remained open during court proceedings.
The $16 million sale price will end up being a 37 percent loss for U.S. Bank.
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