The Former Hyatt Regency Newport Debuts as Gurney's Newport Resort & Marina

. January 26, 2017

NEWPORT, R.I. January 26, 2017 - Gurney's Newport Resort & Marina debuts this month in the former Hyatt Regency Newport hotel. George Filopoulos of Metrovest and BLDG Management, owners of Gurney's Montauk Resort & Seawater Spa, along with affiliates of Square Mile Capital Management LLC, purchased the Hyatt Regency Newport and are leading the transition of the property.

Situated on nearly 10 acres of Goat Island with undisturbed waterfront views, Gurney's Newport is the only resort property in the destination, with 257 guest rooms and suites, multiple spacious event venues, a full-service spa, as well as year-round and seasonal food & beverage experiences. Throughout 2017, the guest experience is set to be enhanced, including: a refreshed lobby and room design that will stay true to the property's New England aesthetic and origins; a new marina; an expanded pool deck and Pool Club, and a Kids' Club with expanded family amenities. All food and beverage components will be overseen by LDV Hospitality, including the addition of the brand's signature restaurant, Scarpetta, in May 2017, as well as the elevation of banquet and catering experiences and seasonal poolside favorite Pineapples.

“Newport is an incredible year-round destination, and we're excited to become part of the community with the new Gurney's Newport Resort & Marina,” said President and Owner George Filopoulos. “The authenticity of a classic New England getaway will be brought to life on-site in the design, bespoke programming and culinary offerings, which will create an engaging lifestyle experience for guests.”

Gurney's Newport offers comfortable and spacious accommodations, poolside cabana service and an array of spaces for entertaining, making it an ideal choice for weekend weddings, midweek corporate retreats and family travel. Event spaces span 27,000 sq. ft., including a 300 and 650-seat ballroom, and 50,000 sq. ft of outdoor space, making it the largest group meeting space in Newport.

About Gurney's Newport Resort & Marina

Gurney's Newport Resort & Marina debuted January 2017 as the only four-season resort in Newport, RI. Surrounded by water with frontage on both the Narragansett Bay and Newport Harbor and a few minutes' walk to Downtown Newport, Gurney's Newport has 257 rooms and suites, four restaurant outlets, indoor and outdoor pools, fitness center, spa, and spacious banquet space for groups and events. Under new ownership led by George Filopoulos and Lloyd Goldman, the resort will feature a refreshed lobby, new marina in early 2017, as well as enhanced pool deck and updated culinary outlets by summer 2017. Gurney's Newport marks an expansion of the Gurney's brand in the northeast, following the success of Gurney's Montauk Resort & Seawater Spa in the Hamptons, NY.

About Metrovest

As a leading authority in marketplace trends, Metrovest's projects have set the standard for superiority and become the benchmarks for both urban and suburban planning. The company has successfully acquired and redeveloped obsolete institutionally owned properties; they've restructured, rehabilitated, and re-energized challenging underperforming properties; and they've envisioned highly praised plans for urban renewal. The hospitality division oversees every aspect of hotel ownership including acquisition, rebranding, marketing and management.

About BLDG Management Co, Inc.

BLDG Management Co., Inc. is a private, multi-generational family real estate investment, development and operating company which owns and manages a portfolio in excess of 300 properties, including more than 8,000 residential units (the majority of which are located in New York City), and over 20 million square feet of commercial properties across the United States.

About Square Mile Capital Management LLC

Square Mile Capital Management LLC is an integrated institutional real estate finance and investment management firm based in New York. Square Mile's large U.S. footprint, enhanced by the firm's strategic partnership with USAA Real Estate Company, enables Square Mile to leverage proprietary market insights through a unified sourcing and investment philosophy that positions the firm to capitalize upon opportunities through all phases of the commercial real estate cycle. Square Mile's opportunistic investment platform takes a value oriented approach to its activities, with an emphasis on opportunities to acquire or capitalize real estate assets or enterprises that are undervalued, complex or undercapitalized. Square Mile's commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States.

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