Smithfield, RI Holliday Fenoglio Fowler, L.P. (HFF) completed the sale and financing of the 101-room Hampton Inn & Suites Providence/Smithfield. The sale price was not disclosed. The HFF team represented an institutional seller, and procured the buyer, Excel Group. HFF’s debt placement team worked on behalf of Excel to secure the 12-year, floating-rate acquisition and renovation loan through Bank Newport. The hotel was marketed as part of a three-property Northeast hotel portfolio that also included the recently-closed Hyatt House Bridgewater in Bridgewater, N.J.
The hotel is positioned at 945 Douglas Pike along I-295. This location is close to corporate and leisure demand drivers, including Fidelity Investments campus, CVS’s global headquarters, Twin Rivers Casino, Bryant University and downtown Providence, less than eight miles to the southeast. The hotel is also proximate to Citizens Bank’s new 123-acre campus that opened with 3,000 employees in August 2018.
The four-story hotel features traditional guestrooms and 22 suites along with amenities, including complimentary breakfast, complimentary guest shuttle, an indoor heated pool, fitness and business centers, boardroom and guest laundry facilities. Excel Group plans to improve the hotel further by completing a renovation.
The HFF investment advisory team representing the seller consisted of senior managing director Daniel C. Peek, managing director Denny Meikleham, senior directors Alan Suzuki and KC Patel, director Matthew Enright and senior managing director James Koury.
HFF’s debt placement team representing the borrower included senior directors Chris Hew and Jennifer Keller.