RobertDouglas Advises on the Sale of the Courtyard Providence Warwick, Warwick, Rhode Island
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.
New York, NY -- 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."
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RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry's pre‐eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact info@robert‐douglas.com or go to www.robert-douglas.com.