Joint Venture Partners James Karam, CEO, First Bristol Corporation and Joseph R. Paolino, Jr., Managing Partner, Paolino Properties joined with Providence Mayor Jorge Elorza and community stakeholders to celebrate the Topping Off of their $28 Million Hilton Homewood Suites Hotel at 5 Exchange Street in the heart of downtown on Monday.
This eight-story, 120-room Hilton “All-Suites” Hotel is being built at the intersection of Exchange St. and Memorial Blvd. The property was 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, located in the Capital Center of Providence, is to build a development the city will be proud of. Not only is every room a suite, but they also offer incredible views from every window of this magnificent city.”
“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 Joseph R. Paolino, Jr., 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 and a Topping Off Ceremony with the placement of the building’s last steel beam. Many of the hotel’s design elements, including the building façade, were 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, meeting rooms for up to 100 people, an extensive fitness center, a dining room providing complimentary breakfast, and 120 Suites with fully applianced kitchens. The development is anticipated to generate more than $1 Million annually in Property, Hotel Sales and Room Tax revenues.
This development is creating more than 200 construction and permanent jobs at the hotel. 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, alumni, and business associates visiting the six (6) colleges and universities within the city. 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 late this year and is being financed by East Boston Savings Bank, 67 Prospect Street, Peabody, MA.
“Our customers will range from business travelers, tourists, along with parents visiting their sons and daughters at Providence’s six (6) 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.
WPRI was there to witness the ceremony, and you can read their full coverage here.