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Diner s Update - Rhode Island Monthly

GoLocalProv | Newport s Fifth Element & Adjacent Permitted Hotel Property Listed for $5 1 Million

Outside dining at the Fifth Element. Photo: GoLocalProv The Fifth Element in Newport on Broadway is for sale along with the adjacent property zoned for hotel use.  The restaurant and bar, its liquor license (plus inventory, equipment, and trademarks) and its adjacent property (known as Foley’s), which has been fully permitted for a 40-room boutique hotel, has just been listed for $5.1 million with Teri Degnan Real Estate & Consulting LTD. Owners Brad Cherevaty and Frank Doyle opened the original Fifth Element on Thames Street 17 years ago and moved the business to its current location at 111 Broadway in 2010. GET THE LATEST BREAKING NEWS HERE SIGN UP FOR GOLOCAL FREE DAILY EBLAST

How is COVID-19 impacting Newport s economy

Newport Life magazine Strolling downtown Newport any weekend last summer, you’d never know a global pandemic was wreaking financial havoc on the city. Streets were crowded with cars, pedestrians shuffled along sidewalks and wharves, while restaurants and retail shops were bustling.  But busy-ness doesn’t beget business. While the sheer number of visitors to our City by the Sea looked high, the numbers paled in comparison to years past. And tourists didn’t spend enough to bail out the community’s retail, restaurant and event sectors from the three-month quarantine hole and its roller coaster aftermath. While some businesses, including Griswold’s Tavern, faced such hardship that they closed permanently, others like the Fifth Element and Samuel Durfee House Inn remain cautiously optimistic. Some, like Groovy Gator and Conanicut Marine, expanded operations. Meanwhile, the events industry is on thin ice as winter’s quiet season brings no surefire solution.

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