RobertDouglas Advises On The Sale Of The Courtyard Providence Warwick
RobertDouglas announced today that it advised affiliates of the Waterford Group in the sale of the Courtyard Providence Warwick in Warwick, Rhode Island. Originally developed by the seller and opened in 2003, the 92-room, institutional-quality hotel was acquired by one of the largest private real estate companies in the United States and an active investor in hotels. Waterford Hotel Group, an affiliate of the Waterford Group, will continue to manage the property for the new owner.
“There is strong demand for high-quality, premium-branded select-service properties,” commented Douglas Hercher, a Managing Director with RobertDouglas, “and this opportunity was met by the market with a high degree of enthusiasm.”
Mark Wolman, a principal with Waterford Group, observed that “our partners and I are pleased to have been able to complete the sale of Courtyard Providence Warwick. Additionally, Waterford Hotel Group is excited to begin a new relationship with the buyer, which we hope will be the catalyst for a number of future deals together.”
“A broad range of investors expressed interest in the hotel” said Evan Hurd, a Senior Director with RobertDouglas. “The buyer was thoughtful in their approach to this transaction, helping to meet ownership’s goals. Additionally, their decision to retain Waterford Hotel Group is testament to the strength of the incumbent manager’s operating platform.”