The Newport Marriott, located at 25 America’s Cup Avenue, has been sold for $88,000,000 according to sources close to the negotiations. The new owner is believed to be a Chinese company or a Chinese investor (not yet confirmed).
The Newport Marriott, which just underwent a $35 million renovation, is the biggest property tax payer in the City of Newport. The hotel has 320 guests rooms, a spa, a fitness center, three restaurants and 25,000 square feet of meeting space.
This is the second largest purchase in Newport in the last 13 months. In January 2017, the Hyatt Regency on Goat Island was sold for $92 million and is now Gurney’s Newport Resort and Marina, Newport’s nicest hotel by a mile!