NEWPORT – The Mainstay Hotel & Conference Center has been sold for $14.3 million to a New York-based hotel development company, Dovetail + Co, according to news releases.
The transaction is among the highest for a commercial mixed-use sale in recent years, according to Lila Delman Real Estate, whose agents represented both buyer and seller in the off-market transaction.
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The 200-room, full-service hotel includes a pool, on-site restaurant and conference center.
The seller, identified in Newport land records as Kyriakides & Kyriakides LLC, has owned the hotel since it was developed in 1987. Located at 151 Admiral Kalbfus Road, the property is across the street from the Newport Grand Casino site, which is owned by the Carpionato Group and planned for redevelopment.
In a news release, Dovetail + Co said it planned a significant redevelopment of the Mainstay “that will transform the property into a vibrant hideaway that is grounded in Newport’s colorful history and celebrates the city’s emerging culinary and art scenes.”
Led by Phil Hospod, the hotel development company will reposition the Mainstay for a new generation of guests, according to the company release.
Reunion Goods and Services, a creative design company, has been hired to redesign the public areas and guest rooms.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
