Johnson & Wales University (JWU) has completed a purchase and sales agreement for its hotel property located at 2081 Post Road, Warwick, including the land and building that houses Legal Sea Foods, to Pinnacle Hotel Management, a Florida-based developer,
Johnson & Wales University (JWU) has completed a purchase and sales agreement for its hotel property located at 2081 Post Road, Warwick, including the land and building that houses Legal Sea Foods, to Pinnacle Hotel Management, a Florida-based developer, for $7.5 million. The new ownership and management of the hotel and property was officially transferred from JWU to Pinnacle on March 1.
“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,” JWU Vice President of Auxiliary Services Michael Downing said in a release. Downing has also 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 Centre 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, JWU purchased the Warwick property in 1978, renaming it the Rhode Island Inn – Johnson & Wales Hospitality Center. Since 1994, it has been operating as a Radisson hotel.