Avatar Bridge Loan Finances Acquisition of Historic Providence Hotel

Avatar Financial Group LLC has provided a $6.45-million bridge loan to finance the acquisition of Hotel Providence, an 80-room boutique hotel in Downtown Providence, RI. The two-year, first-lien loan was originated at 63% loan-to-value.

The hotel has operated without a brand affiliation since its Wyndham flag was discontinued in early 2025, and the prior owner did not complete a planned repositioning of the property. The resulting decline in occupancy created the opening for the sponsor, an experienced hotel owner and operator with an established presence in the Providence market, to acquire the hotel and improve it in stages.

“This sponsor isn’t going to get another shot at a Downtown Providence hotel at this basis,” said T.R. Hazelrigg IV, Avatar’s president and co-founder. “The flag came off, occupancy went with it, and the last owner walked away from the repositioning. That’s what put the building within reach of an operator who actually works this market. Now he gets to choose a brand on his own schedule instead of somebody else’s.”

Located at 139 Mathewson Street, the historic property dates to 1882, when it debuted as the Westminster Hotel. It sits in Providence’s Entertainment District.