Washington Trust Provides $18.3 Million in Financing to Newport North Hotel Property, LLC
September 21, 2021
Newport, R.I. - Washington Trust’s Commercial Real Estate Group recently provided $18.3 million to refinance existing debt to Newport North Hotel Property, LLC in Newport, R.I.
Located directly off the Pell Bridge in Newport North, with views of downtown Newport and Miantonomi Memorial Park, the hotel consists of 197 guest rooms, including suites for family travelers. Amenities include an outdoor pool, fitness center, poolside snack bar, coffee shop, and a full-service restaurant and bar.
“While hospitality has faced extreme challenges over the past year due to the pandemic, the newly renovated Wayfinder Hotel has been well received due to its strong amenity package and proximity to downtown Newport and we look forward to being a part of their continued success,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group.
Newport North Hotel Property, LLC is part of Dovetail + Co, a full-service hospitality firm. Dovetail + Co is an owner, developer, and operator of unique hotels. Dovetail’s leadership team combines best-in-class real estate and hospitality disciplines to create spaces that leave an impression. Dovetail’s current portfolio includes The Wayfinder in Newport, Rhode Island, a lifestyle hotel and bar; Urban Cowboy Lodge, a rustic retreat in the Catskill Mountains of New York; an under-development luxury capsule hotel on the Bowery in New York City, and a second outpost of the Wayfinder in Waikiki, Hawaii. Dovetail is based in NYC and actively growing, focusing on projects in storied destinations that benefit from Dovetail’s vision and leadership talent.
Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Bethany Lyons, Vice President, Commercial Real Estate Group, at 401-348-1538.
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Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.