-5 Exchange Street site, future home of Homewood Suites by Hilton, to create hundreds of permanent and construction jobs-
Joint Venture Partners First Bristol Corporation and Paolino Properties today joined with Governor Gina Raimondo, Speaker of the House Nicholas Mattiello, Providence Mayor Jorge Elorza and community stakeholders to celebrate the groundbreaking of their $30 Million Homewood Suites by Hilton “All-Suites” Hotel at 5 Exchange Street in the heart of downtown.
The six-story, 120-room Hilton “All-Suites” Hotel will be built at the intersection of Exchange St. and Memorial Blvd. The site includes property acquired by the Karam/Paolino Partnership from the Providence Redevelopment Agency.
“First Bristol Corp. and Paolino Properties have a long track record of developing first class projects and staying actively engaged in the communities we serve,” commented Jim Karam, First Bristol’s CEO. “Our goal with this hotel, our second hotel in Providence, like our other developments throughout New England, is to build a development the city and the entire region will be proud of.”
“Together, with our major presence in the office, retail, and residential market, this hotel is a natural fit in serving our clients’ hospitality needs,” said Joe Paolino, Managing Partner of Paolino Properties. A major Rhode Island real estate developer, Mr. Paolino stated that “this partnership is part of a long commitment our firm has to the city’s growth, viability and continued success.”
Today’s event featured a speaking program including both Gov. Gina Raimondo and Mayor Jorge Elorza and a groundbreaking celebration set against the backdrop of Providence’s major revitalization. Many of the hotel’s design elements, including the building façade, were approved by the Capital Center Commission and designed to complement the historic buildings surrounding Kennedy Plaza and the future transportation hub, all within walking distance of this site.
The hotel will provide on-site parking, a meeting room for up to 100 people, an extensive fitness center, a dining room providing complimentary breakfast, and 120 Suites, all with fully applianced kitchens. It is also anticipated to generate more than $900,000 annually in Property and Hotel Sales and Room Tax revenues.
“There’s a building boom that’s emerging in Rhode Island – with 27 real estate investments made under our programs and multiple projects well under way,” said Rhode Island Secretary of Commerce Stefan Pryor. “This development will create more than 200 construction and permanent jobs at the hotel. It will also fill a gap in the market for this kind of property. We congratulate the project’s developers and wish them great success.” Paolino commented, “The creation of hundreds of jobs is really something we are proud of, and investing in our local communities is a priority for Paolino Properties and First Bristol Corp.”
The hotel is located within walking distance of City Hall, the State Capitol and Central Business & Convention Districts, making it particularly well suited for an all-suites hotel product. The Homewood Suites will not feature large banquet or convention space, but instead, was designed to encourage guests to enjoy Providence’s wide array of great restaurants that already exist near the hotel.
“The addition of Homewood Suites to the city’s hotel offerings will contribute to Providence’s success by increasing the number of available rooms and attracting more events to the city,” said Jeff Karam, Vice President of First Bristol Corp. “The hotel will also help to meet the demand of parents of Rhode Island’s 25,000 college students, as well as the increasing number of tourists. The location between the Financial District, Train Station and Convention Center will bring added vibrancy to these iconic locations.”
The hotel is expected to be completed in late 2018. Tocci Building Corporation of Woburn, MA has been named the project’s Construction Manager and the project is being financed by East Boston Savings Bank, 67 Prospect Street, Peabody, MA.
“We are excited that this project is moving forward as it is an important component for the urban revitalization of our City’s downtown,” said Paolino. “The Hilton Homewood Suites hotel is one project among many exciting new developments continuing to move Providence forward.”
“Our customers will range from business travelers, tourists, to parents visiting their sons and daughters at Providence’s many colleges and universities,” noted Karam. “We are confident that this Homewood Suites by Hilton will help meet the market demand and enable the city to attract companies, conventions, sports, and entertainment events to Providence.”
First Bristol Corporation and Paolino Properties are among New England’s premier real estate development firms, engaged in the acquisition, development, construction, rehabilitation, and management of office, retail, and hotel properties throughout New England. For more information please visit the First Bristol website.
You can read about the exciting groundbreaking here.