Vanderbilt Hall sold for $10 million

PBN Staff

12/07/2010

VANDERBILT HALL, located at 41 Mary St. in Newport, sold to a Greek company for $10 million on Dec. 2. /

(Updated, Dec. 14 at 10:00 a.m.)

NEWPORT – A Greek company has purchased luxury hotel Vanderbilt Hall for $10 million, the company confirmed Wednesday.
First reported by Newport Now, the purchase by Grace Hotels Group came after an unsolicited offer to owner Peter de Savary, an international developer and one of the original investors in the Carnegie Abbey Club of Portsmouth. The purchase price included not only the cost of the hotel and land but all the contents, confirmed a spokesman for the buyer.
Earlier this year, de Savary told Providence Business News he purchased the hotel in late 2009 for $6 million after the broker reached out to him.
This year de Savary undertook $2 million in renovations to the hotel, originally built in 1908 and used for decades as a YMCA. Later, the hall served as a workshop for Doris Duke’s Newport Restoration Foundation. In 1996, a group of developers purchased the building and converted it to a 33-room hotel.
The boutique hotel features a piano bar, indoor and outdoor swimming pools, and a rooftop deck.
Grace Hotels assumed immediate ownership and management of the hotel last Thursday, de Savary told Newport Now.
Grace Hotels Group is a subsidiary of the Libra Group, a private holding company that received its start in the shipping industry. Through its various arms, the company operates luxury hotels around the globe.
The company said Vanderbelt represented Grace Hotels Group’s first foray into the U.S. market.
“In the coming months Grace Hotels will add its signature style and service touches while, under the direction of Chef Jonathan Cartwright of the White Barn Inn, the restaurant and wine cellar will be transformed with a scheduled re-launch in spring 2011,” the company said in a news release.

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