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Providence Biltmore sold for $16 million

May 31, 2012 2:00 pm • Last Updated: May 31, 2012 2:10 pm

Providence, R.I. (AP) — A Boston-based real estate firm has closed on its $16 million purchase of the Providence Biltmore hotel.

The Providence Journal reports that Finard Coventry Hotel Management announced Wednesday that the sale had been finalized.

The new owners plan a $10 million renovation of the 292-room hotel, originally constructed in 1922. The landmark building sits next to City Hall in Providence's downtown.

The Biltmore was forced into state receivership last year when lenders sought to recover $25 million from the hotel's owners, but remained open during court proceedings.

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