- Raj Patel bought Hotel Providence in Rhode Island.
- Hotel was built in 1882 and restored in 2005.
- Hunter Advisors brokered the deal.
The acquisition was completed through Patel's company, Pramukh Providence RE LLC, which was incorporated in April, The Providence Journal reported.
The hotel is in Providence's arts and theater district. It is within walking distance of the Providence Performing Arts Center, Amica Mutual Pavilion, the Rhode Island Convention Center, Brown University, Johnson & Wales University, Providence College and several healthcare institutions.
Hotel Providence was built in 1882 as the Westminster Hotel and combines three historic buildings, Hunter said in a statement. It later operated as Hotel Blackstone before serving as a dormitory for Johnson & Wales University and reopening in 2005 following a restoration.
Hunter’s senior vice president Spencer Davidson led the transaction.
"Hotel Providence has been a fixture in the downtown market for years and we are pleased to have represented its sale to a local buyer,” said Davidson. “There was meaningful interest in the opportunity, which speaks to the strength and resilience of the Providence lodging market.”
The property includes about 5,500 square feet of meeting and event space, along with dining, outdoor and fitness facilities. Providence is home to large employers including CVS Health, United Natural Foods, Hasbro, Citizens Financial Group and FM Global.
Separately, CN Hotels made its fifth acquisition with the purchase of a 216-room dual-branded hotel property in Doral, Florida, in a deal brokered by Hunter.
