WESTERLY, R.I., Dec. 4, 2014 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $7.752 Million to Chartwell Laurel Street, LLC to refinance a newly constructed Residence Inn® in Williamsport, PA and $8.025 Million to Warwick CHI, LLC to refinance and upgrade SpringHill Suites® in Warwick, RI. Both properties are a part of Chartwell Hotels, a full-service hotel development and management company operating properties throughout the Eastern United States.
Opened in January 2013, the 97-room Residence Inn is located at 150 West Church Street in Williamsport, PA. The 97-unit hotel consists of extended-stay suites catering to the demands of an emerging natural gas market in the area. The 107-room SpringHill Suites property is located a quarter-mile from Interstate-95 in Warwick, RI. The property recently underwent complete room renovations as well as the addition of a new lobby. Residence Inn and SpringHill Suites are both part of the Marriott® Modern Essentials brand.
"As brands of Marriott, both Residence Inn and SpringHill Suites are well-established names in the hospitality industry," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. "With the growing gas industry in North Central Pennsylvania and Warwick's close proximity to Providence and Boston, both properties are poised for growth."
Since 1985, Chartwell Hotels has owned and operated hotels under various flags including the Marriott®, Hilton®, Starwood®, Intercontinental® and Radisson® brands. Currently, they own and manage eight hotels in the Eastern U.S., including four in Williamsport, PA, with others in Wilkes-Barre, PA, Commack, NY, Vestal, NY and Warwick, RI.
Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Suzanne Walsh Erno, Vice President, Commercial Real Estate Group, at 401-348-1492 or 800-475-2265 ext. 1492.
ABOUT WASHINGTON TRUST
Founded in 1800, Washington Trust is one of New England's premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (Nasdaq:WASH).