New Grand Banks/Palm Beach Marina in Newport, RI
Grand Banks and Palm Beach Motor Yachts announced yesterday the completion of the acquisition of Casey’s Marina in Newport, RI, as well as part of Waites Wharf, for $21 million. It will be renamed Grand Banks and Palm Beach Motor Yachts Marina According to the company, this landmark waterfront destination will set “a new standard for owner experiences and premium service” in America’s sailing capital.
The purchase, which also includes the adjacent 10,000-square-foot Waites Wharf, builds on the brands’ seasonal presence established in 2018 and signals a long-term commitment to delivering world-class service and an elevated owner experience.
Enhancing the Owner Experience
Following the recent expansion of its state-of-the-art manufacturing facility in Malysia, the company is now the only yacht builder to own and operate a brand-specific marina today in the main harbor of Newport, Rhode Island. Reimagined as the Grand Banks and Palm Beach Motor Yachts Marina, the property will offer reserved berths, haul-out capabilities, a private lounge with boutique guest amenities, and on-site service capabilities.
Mark Richards, CEO and Chief Designer of Grand Banks and Palm Beach Motor Yachts, said, “This strategic acquisition will further enhance our owner experience and service capabilities in the Northeast. This isn’t just a marina, it’s a place that brings our vision to life.”
Mark Richards and his local management will reveal the full marina vision, along with additional exciting announcements, at the Newport International Boat Show this September.
Final Piece of the Puzzle
The GB/PB properties boast a full-service marina, a covered workshop, boat storage space, guest accommodation, supporting amenities and parking areas. It’s capable of berthing up to 20 boats in the water and more on the land.
This acquisition will provide strategic expansion in its main geographical market in the US and enhance long-term sales of Grand Banks and Palm Beach Motor Yachts. The group had previously expressed interest to expand its footprint into the East Coast of the US, saying that it was the "final piece of the puzzle" in its expansion plans into the US.
Integral Part of Newport’s Redevelopment
The GB/PB acquisition is a part of city of Newport’s The Waites Wharf redevelopment project, which recently received approval from the Newport Planning Board. This project is adjacent to the new GB/PB marine and includes demolishing existing structures to construct:
- An 89-room hotel
- Two residential buildings with a total of 14 units
- Two additional buildings with space for a wedding venue, retail, and a restaurant
The marina operations at Waites Wharf will continue as usual despite the redevelopment plans.
