PORTFOLIO


COURTYARD BY MARRIOTT

5 Memorial Boulevard Providence, Rhode Island

  OWNER: Barcelo Hotels
  DEVELOPER: Marsella Development Corporation
  INVESTMENT: $24,000,000
  RECENT SALE: $53,100,000 (2008)
  SCOPE: 216 key limited service hotel – meeting rooms – indoor pool/spa
  STATUS: Most successful of limited and full service hotels in the city

In 2000, Marsella Development opened the doors to the city’s newest hotel, the 216 room Courtyard Downtown. Due to design restrictions as well as the wishes of the developer, the outside of the property takes from its neoclassical neighbors and therefore appears to have always been there. While the property was pre-sold to the national hotel REIT, FFC, due to the tremendous success of the property, the hotel has traded hands three times at record numbers. Thanks to its premier location, the Courtyard continues to lead in occupancy and rates, even against the full service Marriott and newly opened Renaissance Hotel.