Mayor Taveras Celebrates Providence Biltmore’s 90th Birthday, Ushers in New Era for Downtown Landmark

Yesterday, leaders of Providence's business community gathered in the Providence Biltmore's Grand Ballroom to celebrate the 90th birthday of the historic hotel and to usher in a new era for the downtown landmark.

Finard Coventry Hotel Management recently completed its $16-million acquisition of the Providence Biltmore and announced plans for an extensive renovation of the 355,732-square-foot, 17-floor historic structure across the street from City Hall.

Construction is expected to begin this summer and be completed by late 2015.

"The preservation of the Biltmore Hotel cannot be overstated. Its continued operation saves 176 jobs, creates dozens more during the renovation process, and is vital to the overall vibrancy and history of downtown Providence," said Mayor Taveras.

Finard Coventry's purchase of the Biltmore and the planned renovation was made possible by an agreement with the City of Providence to assure the continued operation of the hotel, which had been in receivership, and to protect the 176 existing jobs there and create another 70 through the construction period. The hotel's management must comply with City of Providence First Source and MBE/WBE requirements under the agreement.

The planned renovation will include upgrades to the Biltmore's HVAC system, boilers, electric and plumbing systems, and improvements to the ballrooms, meeting rooms, guest corridors and rooms, lobby, lighting, roof, masonry, and ADA compliance.

Updating the hotel is expected to lead to the indirect hiring of a general contractor and variety of masons, plumbers, electricians, carpenters, painters and others. As construction is completed, business activity is expected to increase, and upwards of 30 additional permanent jobs are expected to be created, including room attendees, kitchen employees and front desk agents.

"This will be a balancing act as we modernize this iconic property while being respectful of the rich history that can be found in every corner of the hotel," said Todd B. Finard, chief executive officer of Finard. "We hope to walk this line in a way that satisfies the tastes of today's modern traveler as well as those that remember and celebrate the long history of the Biltmore."

Finard Coventry Hotel Management is the hotel division of Finard Properties, a multi-segment and multiple generation real estate owner and developer. Finard Properties has been a hotel owner for more than twenty-five years, with its highly successful Marriott Hotel in Burlington, MA, and its recent acquisition, renovation, and market re-position of the Harbor Hotel Provincetown in Provincetown (Cape Cod), MA. Finard Coventry Hotel Management is a relatively recent joint venture between Finard Properties (www.finardproperties.com) and Coventry Hotel Associates (www.coventryhotelgroup.com). These two groups have worked together for ten years at the Marriott Burlington, and formed their venture with the acquisition of the Harbor Hotel Provincetown.