BankRI Provides $7.84M Loan For Acquisition And Renovation Of Mystic Hotel

The Bank Rhode Island (BankRI) has provided a $7.84 million acquisition and construction loan to DHStone Mystic, LLC for the purchase and renovation of a 120-room hotel located at 55 Whitehall Avenue in Mystic, Connecticut. The hotel, situated on 4.92 acres of land, is set for a major renovation and rebranding by Spark Hotels, an affiliate of Hilton Hotels. The renovated hotel aims to offer modern amenities at an affordable price and is conveniently located near I-95.

Summary of transation details

• Property Type: Hotel
• Transaction Amount: $7,840,000
• Keys: 120
• Acres: 4.92

In this deal, Mary Ettinger from BankRI served as the lender. DHStone Mystic, LLC is the landlord in the transaction. The loan provided by BankRI will enable DHStone Mystic, LLC to complete the acquisition and renovation of the hotel, allowing Spark Hotels to carry out its rebranding plans.