Providence Biltmore to be auctioned in January
The 1922 building at 11 Dorrance St., now The Graduate by Hilton, will be sold as collateral on January 20.
By Thomas Obasi ·
Downtown Providence is set to lose its most recognizable historic hotel to a foreclosure auction. The 18-story building at 11 Dorrance St. will be sold on January 20, 2027, according to a public notice filed by mortgage lender Acore Capital Mortgage.
The property is currently home to The Graduate by Hilton and is owned by Chicago-based AJ Capital Partners. The auction will take place at 1:30 p.m. outside the New York County Courthouse at 60 Centre St. in Manhattan. The building will be sold as collateral alongside another Graduate hotel located in Cincinnati.
AJ Capital Partners purchased the structure in October 2017 for $43 million. A spokesperson for the firm declined to comment when reached by phone on Tuesday. Hilton did not return a request for comment. Public records indicate the mortgage carried an unpaid balance of approximately $36.3 million as of September 1. City tax accessor records show the property has an assessed value of $28 million.
The building was constructed in 1922 by the architectural firm Warren and Wetmore, the same group that designed Grand Central Terminal in New York City. It was listed on the National Register of Historic Places in 1977. At the time of its construction, it stood as the tallest building in Providence and one of only two skyscrapers in the city.
The hotel has a long and volatile history. It closed in January 1975 after decades of decline and remained shut for four years. Local businessmen bought the structure in the late 1970s and reopened it. The property changed hands multiple times over the following years and entered receivership as recently as 2011.
AJ Capital Partners reopened the venue as The Graduate in 2019, focusing on the city's college town identity. In 2024, Hilton acquired the rights to the brand name in a $210 million deal, though AJ Capital Partners retained ownership of the physical properties. The building has served as a backdrop for political events, including a Rhode Island Democratic Party gathering scheduled for Tuesday night.
The hotel's guest list over the decades includes Babe Ruth, John F. Kennedy, and Audrey Hepburn. Former Providence Mayor Vincent Cianci Jr. occupied the presidential suite in the early 2000s. The structure remains a central feature of the downtown skyline despite its impending sale.
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