PROVIDENCE, RI - Joint Venture Partners James Karam of First Bristol Corporation in Fall River and Joseph Paolino of Paolino Properties recently announced the opening of the Homewood Suites by Hilton Providence Downtown located at 5 Exchange Street in the heart of downtown Providence. Rhode Island Governor Gina M. Raimondo and Rhode Island Commerce Secretary Stefan Pryor joined Karam, Paolino, the hotel development team, management and others in a formal ribbon cutting ceremony on Monday, April 8.

Designed for guests who want to travel on their own terms, Homewood Suites by Hilton Providence Downtown offers guests all the comforts of home, whether they are traveling for work or enjoying a well earned getaway. The 120 all-suites hotel complements the area's demand for new extended-stay hotels.

First Bristol and Paolino Properties garnered support from the Rhode island Commerce Corporation, securing a 15-year Tax Incremental Financing agreement. It also received a 10-year tax stabilization agreement from the city of Providence, both of which were necessary to make this project a reality.

The eight-story, $30 million extended stay hotel is located at the once-vacant lot at the intersection of Exchange Street and Memorial Boulevard. Working together, First Bristol and Paolino properties were able to purchase property acquired from the Providence Redevelopment Agency. The property, vacant for fifteen years, has now come to life adding to the Providence Revival. The hotel is anticipated to generate more than $900,000 annually in property and hotel sales and room tax revenues.

Tocci Building Corporation of Woburn, MA is the project's Construction Manager and Eric Zuena of ZDS Architects of Providence was the architect. Many of the hotel's design elements, including the building façade, were approved by the Capital Center Commission and designed to complement the historic buildings surrounding Kennedy Plaza and the future transportation hub, all of which are within walking distance of the property.

The hotel offers an interior parking garage with lifts, so that each space can accommodate two vehicles, maximizing space; a meeting room for up to 100 people; an extensive fitness center; a dining room with complimentary breakfast; and 120 suites, all with fully-applianced kitchens.

The building is extremely energy efficient, featuring high-grade insulation systems, 95% energy-efficient boilers, and through-wall HVAC systems (PTACS)with state-of-the-art energy management controls throughout the building, which includes thermostats and sensors in each room that automatically sense when a room is occupied or vacant and adjusts the temperature and lighting accordingly.

First Bristol Corporation and Paolino Properties are among New England's premier real estate development firms, engaged in the acquisition, development, construction, rehabilitation, and management of office, retail, and hotel properties throughout New England.

Read more about Homewood Suites by Hilton at www.homewoodsuites.com and newsroom.hilton.com/homewoodsuites.