Landings Aquires Former Spring Street Inn in Newport, RI
December 23, 2015
FORMER SPRING STREET INN WILL BREATHE NEW LIFE IN 2016 AS
On Tuesday, December 15th, Landings Real Estate Group embarked on another expansion of its luxury vacation brand by purchasing the former Spring Street Inn located at 353 Spring Street in Newport, RI for $1,050,000. The group plans to modernize the property and introduce a new luxury vacation destination named The Newport Inn opening in April of 2016.
The Newport Inn will feature five luxurious rooms outfitted with modern furniture and lush linens each with their own spa like bathroom. The Newport Inn will also feature comfortable common space for relaxation and entertainment purposes and a newly renovated kitchen for guests’ convenience. Located in the heart of Newport’s historic district, The Newport Inn is just steps away from shops, restaurants, historic sites and within minutes of area beaches, mansions, Cliff Walk and entertainment venues. The Spring Street Inn will be a comfortable year round destination with nightly rates around $225/night.
“Our goal is to make The Newport Inn a modern luxurious vacation destination in Newport County that will contribute to the success of the local travel and tourism industry,” said Christopher Bicho, President of Landings Real Estate Group. “The re-development of The Newport Inn represents our support for the growth of tourism in Rhode Island and our passion to provide visitors a tranquil and peaceful place to stay while visiting our state, specifically the “City by the Sea.”
Landings Real Estate Group was founded by Mr. Bicho in 2006 and has expanded the company’s Northeast presence into new markets, while cultivating an entrepreneurial culture among the Landings’ team. Under Mr. Bicho’s leadership, Landings Real Estate Group has continued a consistent pattern of growth, executing a core vacation and multi-family strategy by acquiring undervalued assets and other real estate opportunities that require operational as well as financial restructuring. Landings Real Estate Group is an investment, development, construction, and management firm. Landings now operates over 1,500 vacation, apartment and condominium units throughout Rhode Island, Connecticut, Massachusetts, New York, and Florida. Landings Real Estate Group will continue to pursue opportunities in an effort to expand their portfolio throughout the East Coast.