BankRI Helps Finance Ballard’s Inn With the Purchase of The Manisses Hotel on Block Island
Tuesday, January 12, 2016
BankRI has provided Ballard’s Inn, LLC with a $5.85 million loan to assist with the acquisition of The Manisses Hotel on Block Island.
The company acquired the property from Block Island Resorts, LLC. It was also announced that the Filippi Family will operate the 17-room hotel and restaurant under the Ballard’s Resort umbrella, which also includes Ballard’s Inn.
Ballard’s Inn is open only four-and-a-half months a year -- Memorial Day to Columbus Day.
In recent years, occupancy of Ballard’s Inn during this time period has been 100 percent. The Manisses Hotel and Ballard’s Inn are within walking distance of each other and expected to complement each other during the peak of tourism season.
“Block Island is not only a beautiful resource within Rhode Island, it also holds the potential to become a world class tourist destination, which is the vision of our client and the Filippi family,” said Andrew Deluski, who facilitated the transaction and serves as Vice President, Senior Business Lender for BankRI. “It was a privilege to work with Ballard’s Inn, LLC to meet their financial needs and see this acquisition become a reality.”
The financing was facility supported with permanent and variable pricing financial products.
Accord to BankRI, it operates 19 branches and more than 55 ATMs throughout Providence, Kent and Washington Counties. For more information, visit www.BANKRHODEISLAND.com. Find BankRI on Facebook at www.Facebook.com/BankRhodeIsland.