The Sponsor is proposing a $19 million, 100‐unit hotel development located near The Village at South County Commons in South Kingstown, RI. The hotel will be highly visible from either direction on Route 1 and immediately accessible from the Southbound side. The proposed four‐story Fairfield Inn (a Marriot product) will be a business‐friendly hotel that serves southern Rhode Island and the University of Rhode Island. The proposed hotel, which has been approved by South Kingstown Planning Board, is permitted, and ready to begin site work.
Request Under Consideration
The Corporation recommends that the Board approve the Sponsor’s request for up to $1,800,000 in Tax Increment Financing (TIF) over a term not to exceed 15 years.
The Sponsor, Southern Rhode Island Hospitality, LLC, is controlled by Thomas DiPrete and Alexander Petrucci, who also owns Suffolk Realty, LLC, an entity that owns the land underlying the project. Both DiPrete and Petrucci are experienced real estate developers and plan to be owner-operators of the completed hotel. In addition to the Village at South County Commons and the
Hampton Inn & Suites by Hilton in South Kingston, DiPrete and Petrucci also own and operate the Comfort Suites in West Warwick, RI. Additionally, Thomas DiPrete is the managing member of FM Hospitality, LLC, which is currently developing a 139 room Hampton Inn & Suites in Foxborough, MA near Xfinity Center and Gillette Stadium. This hotel is slated to open in January 2018.
Economic Impact Analysis