The market for bed and breakfast’s in Newport may be one of the hottest right now.
Following the news last week that Adele Turner Inn and Victorian Ladies Inn were purchased by Landings Capital & Development, What’sUpNewp has learned that two more bed and breakfasts in downtown Newport have recently been sold.
Lila Delman Real Estate announced on Friday the sale of Newport Blues Inn, located at 96 Pelham Street, and Black Duck Inn, located at 29 – 31 Pelham Street, in Newport for a combined price of $2,500,000. Paul Tobak, Broker Associate, represented the seller and facilitated for the buyer.
“The demand for real estate that can be used by the hospitality industry has increased dramatically,” commented Paul Tobak in a news release announcing the sales. “Property values for hotels and inns have appreciated significantly in the last 24 months.”
The “Newport Blues Inn” is a Queen Anne late-Victorian home, once known as the LaForge Cottage for the original owner Phillip LaForge. Measuring 6,269 square feet across four levels, the home has twelve bedrooms, nine and two half-baths, two fireplaces and a courtyard. The “Black Duck Inn” offers seven guest rooms and is located within walking distance of Thames Street.
The buyer has not been identified by Lila Delman Real Estate.