Amstar Sells Hyatt Regency Newport, a Waterfront Hotel in Newport, RI
NEWPORT, RHODE ISLAND (January 18, 2017) – Amstar, a Denver-based real estate investment manager, announced the sale of Hyatt Regency Newport, a 257-key destination hotel located on the north side of Goat Island, between Newport Harbor and the Narragansett Bay. The hotel boasts water front access on three sides, restaurants, a spa and a 22-slip marina which is currently under construction and expected to be completed in March.
Amstar acquired the property in September 2006 in a joint venture with Davidson Hotels & Resorts who has been the hotel’s manager since acquisition. The property was acquired as a Hyatt Regency, Hyatt’s premier brand, and was operated under this franchise agreement throughout Amstar and Davidson’s ownership.
Metrovest Equities Inc. of New York City is acquiring the property with intentions to rebrand the hotel as Gurney’s Newport Resort and Marina – an expansion to their acclaimed hotel in Montauk, Gurney’s Montauk Resort. The President of Metrovest, George Filopoulos, has announced extensive renovation plans for the hotel focusing on events and group business. Filopoulos has mentioned several specific additions including extensive lobby renovations, the addition of a Scarpetta Restaurant, a revamp of Pineapples on the Bay and the addition of Gurney’s Kids Club. According to Filopoulos, the hotel will be different from the Hyatt in a number of ways aesthetically, but the footprint will remain the same. Metrovest plans to retain many of the hotel’s current employees and will remain open during renovations.
Amstar’s Managing Director, Kim Sperry, commented, “Amstar’s decade of ownership of Hyatt Regency Newport exemplifies our strategy of investing in irreplaceable locations. This hotel has been a regular vacation and retreat destination for many Northeasterners. This is a prime example of Amstar’s ability to create value investing in high barrier-to-entry markets by partnering with a strong operator that can drive RevPAR. While this sale will mark the end of Amstar’s longstanding partnership with Davidson Hotels & Resorts, we are grateful to have had the opportunity to work with such a premier operator. We look forward to future opportunities to work with Davidson.”
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate private equity company that acquires, develops and manages all major property types in the United States and in select international markets. In the United States, Amstar focuses on investing in high-quality and well-located office, multifamily, industrial, retail and hotel properties with value-add risk profiles. Amstar is a privately-owned company with over 38 professionals, and is based on a culture of trust, integrity, and respect. For more information, visit www.amstar.com.
Davidson Hotels & Resorts is an award-winning, full-service hotel management company providing management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry. Amassing one of the purest full-service hotel portfolios in the industry, Davidson, along with its lifestyle and luxury operating division, Pivot Hotels & Resorts, specializes in independent and branded assets in the upper-upscale to near-luxury segments including 43 hotels, nearly 13,000 rooms and 1.4 million square feet of meeting space across the United States. A trusted partner and preferred operator of Marriott, Hilton, Hyatt and Starwood hotels, Davidson delivers hospitality and creates value for owners with every single hotel. More information can be found at www.davidsonhotels.com.