NARRAGANSETT, R.I. – Trio restaurant in Narragansett has been sold to Newport Restaurant Group, which owns an award-winning portfolio of 11 restaurants in Rhode Island and Massachusetts.
Newport Restaurant Group officially announced the purchase of Trio, located at 15 Kingstown Road, Monday. The price of the purchase from GP Pier Retail, LLC was not disclosed by Newport Restaurant Group, but online town tax records show it sold June 14 for $2.8 million.
Newport Restaurant Group opened the seaside Trio location in spring 2008 as one of several restaurant concepts in southern New England.
The 9,400 square-foot, two-story building sits on approximately 7,900 square feet of land, located a short distance from Narragansett Town Beach.
“We’ve enjoyed being part of the Narragansett community for more than 10 years,” Newport Restaurant Group CEO Paul O’Reilly said.
O’Reilly said that when the opportunity arose to buy the Trio building, Newport Restaurant Group jumped on it.
“We have a young talented management team at Trio led by the general manager, Joe Parker,” O’Reilly said. “The restaurant continues to thrive under Joe’s leadership, he and his team embody what employee ownership is all about. Given the team at Trio and the ongoing success, we knew solidifying our presence in the community was the right thing to do and look forward to continuing our relationship for years to come.”
The acquisition is part of the employee-owned hospitality company’s long-term real estate plan to build its real estate portfolio with hospitality and non-hospitality spaces, Newport Restaurant Group said.
Currently, Newport Restaurant Group owns five of its 11 restaurant locations, including Boat House in Tiverton, Iron Works in Warwick, Castle Hill Inn in Newport and Trio in Narragansett, as well as a number of support buildings including its corporate office at 300 Metro Center Boulevard in Warwick.
“As we look for ways to add value for our employee owners, real estate investments are at the top of that list,” Newport Restaurant Group Director of Business Development Ken Cusson said. “As we continue to grow and expand, we are continuously looking for ownership opportunities in Rhode Island and beyond.”
Newport Restaurant Group’s portfolio of restaurants are located across Rhode Island and include Castle Hill Inn, The Mooring Seafood Kitchen & Bar, 22 Bowen’s Wine Bar & Grille, Bar ‘Cino, and Smoke House all located in Newport; Trio of Narragansett; the Boat House in Tiverton; Waterman Grille and Hemenway’s, both located in Providence; Avvio Ristorante located at Garden City Center in Cranston; Iron Works in Warwick; Papa Razzi with two locations in the greater Boston area; and Bar ‘Cino in Brookline, Massachusetts, opening in 2020.
Newport Restaurant Group said its mission is to “provide the highest quality culinary experience in unique, service-oriented atmospheres and to create each menu with a creative, thoughtful and responsible approach.”