RI Hotel Auction Delayed After Buyer Drops Bid

Law360, New York (December 9, 2011, 4:07 PM EST) -- An auction for the financially troubled Biltmore Hotel in Providence, R.I., has been postponed because the lead bidder has dropped out, a court-appointed master for the auction said Friday.

Richard L. Gemma of Wieck DeLuca and Gemma Inc. confirmed that Providence Hospitality LLC, an affiliate of Hanover, Mass.-based hotel property management firm Linchris Hotel Corp., has withdrawn its $18 million bid for the Biltmore.

The auction had been scheduled for Friday, and Gemma said the Providence Hospitality offer would have been the opening bid.

The 292-room...
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