WARWICK, RI – October 11, 2023 – Lila Delman Compass is pleased to announce the significant hospitality sale of 1850 Post Road in Warwick – previously known as Wyndham Providence. Gregory Arakelian, Lila Delman Compass Commercial Director, and Dave Lawrence, Lila Delman Compass Sales Associate, represented the seller. Gregory Arakelian also facilitated for the buyer.
A national group specializing in hotel-to-apartment conversions has acquired the 207-room hotel for an undisclosed amount. The community landmark, dating back to 1972 as the Airport Sheraton, presented a unique opportunity for the buyer.
“The listing emerged during a challenging period for airport hotels, as the COVID-19 pandemic severely impacted the industry. However, leveraging our local expertise and national reach, we identified an exceptional buyer who aligns with the evolving market demands,” commented Gregory. “The new owners are poised to transform the property into 150 studio apartments at a time when demand for quality, reasonably priced housing is at a new high. These apartments will offer an array of exceptional amenities, including an indoor pool and fitness center while maintaining convenient accessibility for all modes of transportation”.
Gregory and David are both known fixtures within Rhode Island’s commercial real estate sphere. Notably, both participated in the sale of the Wayfinder Newport Hotel, for $14.34 million, marking the highest hospitality sale ever recorded by Rhode Island Statewide MLS.*
ABOUT LILA DELMAN COMPASS:
In 2021, Rhode Island’s first name in luxury real estate, Lila Delman, proudly joined Compass, the Nation’s #1 real estate brokerage.** Today, Lila’s Legacy lives on with great strength, backed by the power of Compass. In Rhode Island, Compass owns and operates 12 offices, including Lila Delman Compass, Compass Providence and the soon-to-open Compass Barrington.
Lila Delman Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. *Sale rankings and closing price information is based on information from the Rhode Island Statewide MLS for all sales for the period of January 1, 1991 – October 11, 2023. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. **As of 2022, closed sales volume. Source: RealTrends 3/9/23.