NEWPORT, RI – January 28, 2019 – Lila Delman Real Estate continues its history of excellence with the sale of the Mainstay Hotel, 151 Admiral Kalbfus Road, in Newport for $14,340,000. David Lawrence, Lila Delman Sales Associate, represented the seller while Gregory Arakelian, Lila Delman’s Senior Commercial Consultant, represented the buyer. This transaction marks the highest commercial mixed use sale in the history of the current Rhode Island MLS.*
“I believe in a collaborative approach to commercial real estate development,” commented Gregory Arakelian. “In this most recent transaction, I was able to introduce a visionary hotel developer to a potentially rewarding investment which can be improved through thoughtful and creative design and in turn provide a fresh and distinctive destination for Newport’s vibrant visitors and residents.”
“Putting together this off-market transaction marks a historic achievement for myself, Greg, and Lila Delman Real Estate,” added David Lawrence. “This sale speaks volumes on the cooperative environment fostered at our company and the great benefit it provides our clients.”
“As a firm, we are committed to and excited for our continued expansion into the realm of commercial real estate,” remarked John Hodnett, Lila Delman’s President / Broker-Owner. “I commend Greg & Dave on their latest success and consider them instrumental as we grow our commercial division.”
Located in Newport’s North End, The Mainstay Hotel is a 200 room, full service hotel equipped with a pool and on-sight restaurant. The property is conveniently located a short drive from downtown Newport and all its famous attractions. Arakelian’s buyer looks forward to redeveloping the hotel with an aesthetic mind for its next wave of discerning guests and community members.
*This representation is based on information from the Rhode Island State Wide MLS for the period of January 01, 1993 – January 28, 2019. Commercial Mixed Use refers to sold properties with CMM designation on MLS. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.