Newport luxury yacht and lifestyle show is canceled

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Organizers have canceled "The Newport Collection: A Yacht & Lifestyle Event," which would have been held for the first time in June 2011.

"We've made a very difficult decision to suspend The Newport Collection for June 2011. While we had a great deal of success within the yachting industry - we have already sold over half our available in-water space for the event - we have not been able to generate the necessary sponsorship commitments from the broader luxury market," said Paul O'Reilly, CEO of show producer Newport Harbor Corp., in a statement.

"Given the significant input of The Newport Collection's founders and leading industry marketing executives, all are best served by introducing an experience that will succeed for years to come when the timing is right," added Bob Saxon, a chief architect of the event.

Click here for the full release.

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