Grand Banks and Palm Beach Motor Yachts have finalized the acquisition of Casey’s Marina at Spring Wharf on the harbor in Newport, R.I. The purchase, which includes the adjacent 10,000-square-foot Waites Wharf, builds on the brands’ seasonal presence established in 2018.
A company statement in March reported the purchase price to be $21 million. The marina will be renamed Grand Banks and Palm Beach Motor Yachts Marina.
“I’m excited about this strategic acquisition, which will further enhance our owner experience and service capabilities in the Northeast,” Mark Richards, CEO and chief designer of Grand Banks and Palm Beach Motor, said in a statement. “This will be a home for our owners in this iconic harbor where sailing heritage runs so deep. It’s a thrilling next chapter. Newport has been a defining part of my sailing and boatbuilding career for almost 40 years.
The acquisition includes the full-service marina, a covered workshop, boat storage, guest accommodations, supporting amenities and parking areas. The marina will offer reserved berths, haul-out capabilities, a private lounge with boutique amenities, and on-site service.
