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October 20, 2018

CEO of Newport Harbor Corporation Responds to Rumors Suggesting That The Mooring is For Sale


Over the last week, What’sUpNewp has received several messages regarding that they had heard themselves or through someone else that The Mooring, a Newport Restaurant Group property, in Downtown Newport is currently for sale.

What’sUpNewp receiving news tips or phone calls regarding rumors, stories, hunches and/or tips is nothing new, we do take caution with everything we hear and do always try to look into detailed and vague rumors, tips and stories further.

We continued to hear whispers surrounding the future of The Mooring from several people over the weekend and got a phone call from a Newport restaurant owner regarding The Mooring so decided to reach out to Newport Harbor Corporation/Newport Restaurant Group for an update.

“The Mooring is not for sale. The rumor is absolutely false!”, Paul O’Reilly CEO and President of  Newport Harbor Corporation told What’sUpNewp.

So, that should put an end to that! We understand that everyone in Newport is kind of on edge with all the recent restaurant closures or changes, but we all have to chill out a bit. Not everyone is leaving or closing!

The Mooring is open Sunday through Thursday from 11:30am to 9pm and on Friday and Saturday from 11:30am to 10pm.

Recent Sale Of The Mooring Property

Back in September of 2014, Peregrine Group LLC announced that they would be purchasing the Newport Yachting Center property for a reported $12.19 million, including the Mooring Restaurant, the Smokehouse Restaurant, the Sunset Terrace, and the marina and parking operations from Newport Realty, Inc. The sale was expected to take until November to close, but the real estate transactions were reported between December 15th – 19th, 2014.

 

After the purchase, Newport Harbor Corporation signed long-term lease agreements to continue to operate the Smoke House and The Mooring, Sunset Terrace, and boat shows under long-term lease agreements.

 

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