NEWPORT – Newport Harbor Corp. has sold the Newport Yachting Center on the city’s waterfront to Peregrine Group LLC for an undisclosed price, the company announced Tuesday.
The 150,000 square-foot Yachting Center, on Commercial Wharf, is perhaps best known for hosting the Newport International Boat Show and also includes restaurants, a marina, private events and, recently, concerts.
In a phone interview, Newport Harbor President and CEO Paul O’Reilly said the sale was not triggered by a recent city crackdown on concerts there, but had been in the works to free up resources for its growing restaurant business.
Newport Harbor intends to lease back portions of the property to continue running the Boat Show the Charter Yacht Show, the private events business and restaurants The Mooring and The Smoke House.
It will not lease back the concert venue or the marina, O’Reilly said.
“The decision to sell and lease back was to generate capital to grow the restaurant and hotel business,” O’Reilly said. “We are leasing back a portion of the businesses down there, but due to the nose ordinance, we are not leasing back the concert festival business. The problems with concerts did not force us to sell, but did cause us not to commit to a long-term lease for concern.”
O’Reilly said Peregrine will operate the marina and parking.
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