Â鶹¹ÙÍø

PRESS RELEASE

Providence, R.I. – March 28, 2018 – Â鶹¹ÙÍø & Wales University (Â鶹¹ÙÍø) has completed a purchase and sales agreement for its hotel property located at 2081 Post Road, Warwick, R.I., including the land and building that houses Legal Sea Foods, to , a Florida-based developer, for $7.5 million. The new ownership and management of the hotel and property was officially transferred from Â鶹¹ÙÍø to Pinnacle on March 1, 2018. 

“Since we first purchased the Warwick-based hotel, the university has been able to greatly expand the experiential education offerings available to our students which have resulted in many career and employment opportunities for them,” said Â鶹¹ÙÍø Vice President of Auxiliary Services Michael Downing who also has been serving as interim general manager of the Radisson Hotel Providence Airport. “After thorough review and consideration, we determined that divestment of the property was in the best interest of the university to support our mission to provide an exceptional education for our students. 

“On behalf of the university, we would like to express our deep appreciation to the hotel staff for their commitment and dedication to providing an excellent and memorable guest experience,” said Downing. “During their years of service, the hotel staff also prepared our students for careers in culinary, hospitality and business.”

Although the university was not seeking to sell the hotel and property, late in 2016 it was approached by a local hotel developer with an offer to purchase the 7-acre property across from TF Green Airport in Warwick. Although an agreement could not be reached with that developer last year, Pinnacle had also come forward to express its interest in the property.

“Pinnacle Hotel Management is delighted to be back in the Warwick market,” said Director of Portfolio Management Doug Duba at Pinnacle Hotel Management, which previously owned and managed a Residence Inn in Warwick before it was sold in 2017. “We look forward to anchoring the Warwick City Center and contributing to the redevelopment in the area.” 

Pinnacle Hotel Management, which has more than 35 hotels in its portfolio under the Marriott and Hilton flags, has successfully sought approval from the Radisson Hotel Providence Airport’s parent company to continue operating the hotel as a Radisson property. As a condition of the sale, Pinnacle will honor all contracts, including pricing, for upcoming events already scheduled at the Radisson Hotel.

Formerly known as the Yankee Motor Inn, Â鶹¹ÙÍø purchased the Warwick property in 1978, renaming it the Rhode Island Inn – Â鶹¹ÙÍø & Wales Hospitality Center. Since 1994, it has been operating as a Radisson hotel.

Â鶹¹ÙÍø Â鶹¹ÙÍø & Wales University
Founded in 1914, Â鶹¹ÙÍø & Wales University is a private, nonprofit, accredited institution with more than 8,000 graduate, undergraduate and online students at its campuses in Providence, Rhode Island and Charlotte, North Carolina. An innovative educational leader, the university offers undergraduate and graduate degree programs in arts and sciences, business, engineering, food innovation, hospitality, nutrition, health and wellness. It also offers undergraduate programs in culinary arts, dietetics and design. Â鶹¹ÙÍø’s unique model provide students with the personalized attention, academic expertise and industry connections that inspire professional success and personal growth. The time students spend at Â鶹¹ÙÍø is nothing short of transformative, as demonstrated by career outcomes, expected earnings and economic mobility rankings. The university’s impact is global, with alumni in 125 countries pursuing careers worldwide.

Media Contact:
Lisa Pelosi, Â鶹¹ÙÍø vice president, communications and government relations, 401-598-1848, lisa.pelosi@jwu.edu
Pinnacle Hotel Management: Doug Duba, 561-242-9066, doug.duba@pinnaclehm.com