Discover Newport: Yachting Center Sale is "Substantial Loss" for City

GoLocal News Team

Discover Newport: Yachting Center Sale is "Substantial Loss" for City

Evan Smith, the President and CEO of Discover Newport, has declared the sale of the Newport Yachting Center a "substantial loss" for the city.  

On Tuesday, the Newport Harbor Corporation announced it was selling the center to the Peregrine Group, whose principal is Colin Kane, Chairman of the 195 Commission.   

Smith Statement 

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"Many people, companies and organizations can take credit for the growth of Newport as a world class visitor destination. The Newport Yachting Center is certainly a part of that conversation and we salute the almost four decades of successful events held at the site. The evolution and diversity of the events have been nothing short of revolutionary and all served as major catalysts to drive visitation here. Newport Harbor Corporation is to be commended for being a leader and operating the event site with the highest professional standards. 

We expect the economic impact caused by the loss of these many events to be felt throughout the hospitality industry; most significantly, the loss of local jobs. Our local restaurants, shops and lodging partners will also experience a substantial loss. It is our hope that the events will continue at alternative venues within our destination. 

We wish to express our best wishes to the Newport Harbor Corporation as they restructure the company and we expect they will continue to be one of the leaders in hospitality development in Newport. Looking forward, we anticipate working with the new owners of the property as they start a new chapter along the treasured Newport waterfront."

Peregrine Touts Track Record 

The Peregrine Group issued the following release after the sale was made public.    

"Peregrine Group LLC is pleased to announce that it will be purchasing the Newport Yachting Center, including the Mooring Restaurant, the Smokehouse Restaurant, the Sunset Terrace, and the marina and parking operations from Newport Realty, Inc.  The sale is anticipated to close in November 2015.   Newport Harbor Corporation will continue to operate the restaurants under the Newport Restaurant Group umbrella, Sunset Terrace, and boat shows under long-term lease agreements.  Peregrine very much looks forward to continuing to operate and enhance the property, and to being an active contributor to the success of the City of Newport."

Peregrine Group LLC is a real estate investment, advisory and property management firm located in Rumford, RI.  Peregrine has completed projects in Massachusetts, Hawaii, New York, California, and Mexico City, as well as several projects in Rhode Island, including the Ocean House Hotel in Watch Hill, American Locomotive in Providence, and Rumford Center in East Providence."


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