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Biltmore Hotel in financial trouble
ProJo: Providence landmark in state receivership
Updated: Thursday, 07 Apr 2011, 5:44 PM EDT
Published : Thursday, 07 Apr 2011, 5:43 PM EDT
PROVIDENCE, R.I. (WPRI) - The Providence Biltmore Hotel is in financial trouble.
The Providence Journal reports that the downtown landmark has been pushed into state receivership by lenders looking to recoup nearly $25 million from the owners.
The owners missed a number of loan payments in 2009 and 2010 prompting their lenders to push the property into receivership, which is a form of bankruptcy.
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