PROVIDENCE – Bank Rhode Island said it has procured financing to provide a $20.5 million loan to Newport-based Hammetts Wharf LLC for construction of an 84-room hotel on America’s Cup Avenue in the seaside city.
It is the first waterfront development project approved in Newport in more than two decades, according to BankRI, part of Brookline Bancorp Inc.
Expected to be completed by summer 2020, the Hammetts Wharf Hotel will have a restaurant, as well as retail and office space. A groundbreaking ceremony hosted by Gov. Gina M. Raimondo was held in October.
The loan will support the development of a three-story building and structured parking on waterfront land owned by the Newport Yachting Center, where the center’s tent was previously located. The bank said the property is in the most active section of Newport Harbor, situated between Memorial Boulevard and Washington Square.
“Newport’s economy is one heavily supported by tourism, and with so many of the city’s prime entertainment and retail attractions within walking distance, the hotel will be in a prime position to capture overnight demand – it’s going to further strengthen an already thriving place,” said Andrew Deluski, the bank’s senior vice president of commercial real estate.
“We are delighted to be working once again with BankRI on a significant ground-up development project,” said Colin Kane, principal at Hammetts Wharf.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
