Newport, Rhode Island’s historic Hotel Viking has been sold for $77 million. Noble House Hotels & Resorts will continue as the 208-room hotel’s designated management company as it has for the last 15 years. Over this time, Noble House Hotels & Resorts management has successfully delivered an unleveraged IRR of 10.7 percent and an average cash-on-cash yield of 8.6 percent over 15 years.
“It has been a pleasure being part of LaSalle Hotels and we look forward to developing a successful relationship with our new owners,” states Mark Gervais, general manager. “By retaining Noble House as the management company, business will continue with our usual fine service, amenities and upgraded product.”
Prominently located at One Bellevue Avenue in Newport, the city’s Historic Hill district, Hotel Viking is a member of the Historic Hotels of America and listed on the National Register of Historic Places. Built by the people of Newport during the famous Gilded Age as an investment in tourism for their community, Hotel Viking was a harbinger of this seaport’s glorious history and continued reputation as “America’s First Resort”.
Over 80 years after the doors of Hotel Viking were opened on May 26, 1926, the boutique hotel received several upgrades and embellishments. A multi-million dollar renovation of its original Viking Wing in 2007 included the creation of ten Mansion Suites and two specialty suites, The Breakers and Kingscote – all designed to replicate the luxurious style and personality of the famous summer retreats that are their namesakes. The Newport wing of the hotel was renovated in 2011 with décor reminiscent of the Progressive Era.
For more information, please visit www.hotelviking.com.