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VIDEO: Site of Newport shows has new ownership

The Newport Yachting Center, regionally famous for concerts and events such as the Newport International Boat Show and Charter Yacht Show, is being sold to the Peregrine Group LLC and waterfront events could be greatly reduced.

The boat shows, however, appear to be safe.

The yachting center’s owner, Newport Harbor Corp., of East Providence, R.I., told WPRI Eyewitness News on Tuesday morning that it is “reluctantly” exiting the concert and festival segments of the company.

“The primary reason … is to invest into our expanding restaurant and hotel operations, where we see excellent growth opportunities,” the corporation said in a statement.

Newport Harbor Corp. will continue to operate the Newport International Boat Show, the Charter Yacht Show and The Mooring Restaurant. The Smoke House restaurant will continue under the Newport Restaurant Group subsidiary of Newport Harbor Corp.

Once the land is sold, which is expected in November, Newport Harbor will continue to operate its Newport Yachting Center Private Events business at the Sunset Terrace by leasing the land back from the new owner. However, the company will not lease the yachting center itself and the skating rink.

“The current local city noise ordinance is not designed for a concert business,” the company said.

The Newport Daily News reported that the yachting center agreed to plead no contest to 10 of 11 noise violations stemming from summertime concerts. The city and the venue are still working out the amount of a fine.

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