Gurney’s Newport (R.I.) Resort & Marina Sold for $174M

Pebblebrook, a hospitality real estate trust, purchased the resort, which spans 10 acres on Goat Island. The property offers outdoor fireplaces, a lobby bar, a coffee shop, swimming pools, a fitness center and spa, along with a seasonal ice-skating rink and two upscale restaurants. Pebblebrook isn’t acquiring an adjacent 22-slip marina right away, but has an option to buy it in 2027.

Gurney’s Newport (R.I.) Resort & Marina has been sold for $174 million, Providence Business First reported. The upscale 257-room hotel with its sweeping views of Narragansett Bay and Newport Harbor is now owned by Pebblebrook, a hospitality real estate trust. The resort spans 10 acres on Goat Island, a popular destination for mariners and motorists alike.

“We are very excited to acquire this extremely unique premier resort within the vibrant, high-barrier-to-entry Newport market,” said Pebblebrook President and CEO Jon E. Bortz in a news release.

Gurney’s boasts a broad lawn and an outdoor pavilion, Business First reported. It offers outdoor fireplaces, a lobby bar, a coffee shop, swimming pools, a fitness center and spa, along with a seasonal ice-skating rink.

Two upscale restaurants—Showfish Newport and The Pineapple Club—are part of the deal, Business First reported. Pebblebrook isn’t acquiring an adjacent 22-slip marina right away, but has an option to buy it in 2027.

Bortz told Business First Gurney’s is a rare property. He noted that Newport, the “Sailing Capital of the World” is one of New England’s top tourist destinations.

Pebblebrook aims to invest in the property to drive cash flow and enhance the overall guest experience, Bortz told Business First. Potential improvements include renovations, adding a market, reimagining the outdoor spaces, and adding more activities and amenities.

Gurney’s will join the Curator Hotel & Resort Collection, Business First reported. With its acquisition of Gurney’s, Pebblebrook Hotel Trust now owns 55 hotels and resorts with about 13,600 guest rooms across 16 urban and resort markets.