John F. Siska, Senior Managing Director of O’Connell Hospitality Group,
announced the successful placement of $11,600,000 in construction and
permanent financing for the to-be-built Hilton Garden Inn in Warwick, RI.
Construction of the 163- room property is underway with completion
scheduled for the first quarter of 2005 and will be managed by Newport
Hospitality Group of Williamsburg, VA.
The property, located on Jefferson Boulevard and Kilvert Street, is across
from the proposed train station that is projected to bring MBTA commuter
trains and Amtrak service to within a quarter mile of T.F. Green Airport.
“The project’s brand, sponsorship and location were all major factors
involved in securing this financing. Although the current financing
climate for hotel development is challenging, we were able use these
dynamics to support the long term financial viability of this project to
our lenders,” according to Siska.
Hilton Garden Inn is an upscale mid priced, hotel concept focused on the
individual corporate business traveler and the weekend family segment.
O’Connell Hospitality Group, LLC specializes in the sales, financing and
project development of hotels, resorts, inns and restaurants across the
United States. It serves as advisor to private as well as publicly traded
companies for acquisitions and dispositions of hospitality assets.