Published in the Providence Journal
cdunn@providencejournalcom
PROVIDENCE -- The Hyatt Regency on Goat Island in Newport has been sold for $92 million to new owners who say they plan to invest another $18 million in renovations to the property.
The closing was finalized on Friday, Jan 20 and renovations are expected to be complete by May, according to Tanya Scalisi, a spokeswoman for the new owners. She said the hotel will be renamed Gurney’s Newport Resort & Marina.
George Filopoulos of Metrovest and BLDG Management, owners of Gurney's Montauk Resort & Seawater Spa, along with affiliates of Square Mile Capital Management LLC, purchased the Hyatt Regency Newport and are leading the transition of the property, she said.
According to online Newport records, the sellers of the hotel, which has an address of One Goat Island, was One Goat Island LLC, c/o Davidson Hotels and Resorts of Atlanta, Ga. The online records also say the hotel was built m 1969 and was sold for $53.5 million in September of 2006.A spokesman for Davidson Hotels was not immediately available for comment.
The hotel sits on nearly 10 acres and will have 257 guest rooms and suites, multiple event venues, a full-service spa, and year-round and seasonal food and beverage services, according to Scalisi.
Planned improvements include "a refreshed lobby and room design that will stay true to the property's New England aesthetic and origins; a new marina; an expanded pool deck and pool club, and a Kids' Club with expanded family amenities. All food and beverage components will be overseen by LDV Hospitality, including the addition of the brand's signature restaurant, Scarpetta, in May 2017, as well as the elevation of banquet and catering experiences and seasonal poolside favorite Pineapples."
Gurney’s Newport will also offer poolside cabana service and 27,000 square feet of event spaces, including 300- and 650-seat ballrooms, and 50,000 square feet of outdoor space.