Mass. Hotel Co. Affiliate Bids $18M for RI Hotel

PROVIDENCE, R.I. (AP) — State court documents say the financially troubled Providence Biltmore hotel has drawn an $18 million bid.

The Providence Journal reports  that the lawyer overseeing the finances of the 292-room hotel has accepted the offer by Providence Hospitality, an affiliate of Linchris Hotel Corp. of Hanover Mass.

The hotel, which opened in 1922, was pushed into state receivership in the spring by lenders who wanted to recoup $25.3 million from its owners.

Superior Court Judge Michael A. Silverstein appointed Providence lawyer Richard L. Gemma to oversee the finances. He has since been looking for a buyer.

Gemma is scheduled to present Providence Hospitality’s bid to Silverstein on Dec. 9. Other parties may submit competing offers.

If necessary, Gemma will auction off the hotel.

Copyright 2011 The Associated Press.

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Posted by jcashman on Nov 15 2011. Filed under Business, General. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry