Hunter Advisors has overseen the sale of Hotel Providence, an independent boutique hotel in the Arts & Theatre District of Downtown Providence, R.I. The transaction was brokered by Spencer Davidson, senior vice president at Hunter Advisors. Other terms of the transaction were not disclosed.
Originally dating back to 1882 and restored into a boutique hotel in 2005, the 80-room, seven-story Hotel Providence occupies a prominent corner within the Downtown Providence Historic District. The property integrates three historic buildings and has approximately 5,498 square feet of meeting and event space, Backstage Kitchen + Bar, outdoor event areas and a fitness center. Distinctive guestrooms, spacious suites, and preserved architectural details contribute to the hotel's boutique identity.
The property is close to many of Downtown Providence's leading cultural, entertainment, convention, academic and medical demand drivers. Nearby attractions include the Providence Performing Arts Center, Amica Mutual Pavilion, Rhode Island Convention Center, Westminster Street's retail and dining district, Brown University, Johnson & Wales University, Providence College, Rhode Island College, and several major healthcare institutions.
"Hotel Providence has been a fixture in the downtown market for years, and we're pleased to have represented its sale to a local buyer," Davidson said in a statement. "There was meaningful interest in the opportunity, which speaks to the strength and resilience of the Providence lodging market. We're confident the new ownership is well positioned to continue the hotel's success. This transaction also marks our second hotel sale in the Providence market within the past two years, further reinforcing our team's experience and relationships in the region."
Providence benefits from a diverse economic base supported by major corporate headquarters, higher education, healthcare, tourism and convention activity. The metropolitan area is home to companies including CVS Health, United Natural Foods, Hasbro, Citizens Financial Group, Amica Mutual Insurance, FM Global and Textron.