May 21, 2026 (NEWPORT, R.I.) – Procaccianti Companies, one of the largest privately-held real estate investment and services firms in the United States, and TPG Hotels & Resorts, the firm’s hospitality management affiliate, announced today the start of site/enablement work on The Bellevue Hotel, a 90-room luxury boutique hotel located within the Bellevue Gardens Shopping Plaza at 181 Bellevue Ave., Newport, RI. Sitework will be phased, beginning with the installation of new water lines and stormwater management systems. Throughout construction the Bellevue Gardens Retail Plaza and parking lot will remain open to the public.
“After two years of preparation and planning, we are thrilled to get this project underway to bring The Bellevue Hotel vision to life. The entire development team has taken great care to meticulously plan development efforts and construction sequencing to minimize disruption for our retail tenants as much as possible” said Ralph V Izzi Jr, vice president of public affairs for Procaccianti Companies and TPG Hotels and Resorts. “Our firm has extensive experience developing hotels in dense, high traffic areas and we intend to deploy our decades of expertise to optimize plaza access and operations throughout development and construction of the new hotel. The Bellevue Gardens Shopping Plaza will remain open throughout the entire process”.
Beginning on June 1, construction fencing will be installed to enclose the staging area for construction equipment and building materials. The staging area will be located at the corner of Bellevue Avenue and Jones Street. Throughout the summer various stages of infrastructure work will occur in sections throughout the parking lot. Flaggers will be onsite during all construction hours to ensure safe and efficient pedestrian access and parking operations.
The luxury development, approved in 2025, includes 90 guestrooms, multiple food and beverage venues and a range of upscale guest amenities. The plan includes the addition of underground parking and improved pedestrian experience creating an entirely new hospitality enclave in the heart of Newport.
Izzi continued, “Newport is recognized around the world for its extraordinary architecture, timeless character and luxury hospitality experiences. The Bellevue Hotel is thoughtfully designed to reflect and complement the city’s rich historic fabric while introducing a new level of upscale accommodations along one of America’s most iconic avenues”.
Once home to the Stone Villa, an Italianate manor built in 1833 by Scottish stonemason Alexander McGregor, the site of The Bellevue Hotel, directly across Bellevue Avenue from the International Tennis Hall of Fame, holds a storied place in Newport’s architectural legacy. Designed by Centerbrook Architects in collaboration with Procaccianti Companies, The Bellevue Hotel reimagines James Gordon Bennett Jr.’s original vision for a grand social destination along Bellevue Avenue. With a refined, upscale design inspired by its historic surroundings, the new hotel will offer a contemporary luxury experience in one of the city’s most iconic locations.
The hotel will be developed and owned by Procaccianti Companies and operated by TPG Hotels & Resorts within the INTERA Collection, which specializes in independent and lifestyle assets in high-performing destination markets.
About Procaccianti Companies
Procaccianti Companies is a privately held, Rhode Island-based firm now under its second generation of family leadership. Founded in 1958, the company is one of the largest privately held real estate investment and services firms in the United States. With a successful track record spanning more than six decades, the Firm has completed thousands of transactions involving billions of dollars in diversified real estate investments. As a vertically integrated alternative asset manager with a broad national platform, Procaccianti Companies has owned, developed, managed, or financed investment properties in over 350 cities across 42 states. For more information, please visit www.procaccianti.com.
About TPG Hotels & Resorts
TPG Hotels & Resorts is a premier operator of hospitality assets throughout the United States, including luxury, full-service, and select-service properties. With a history spanning more than four decades, the firm’s resume includes over 650 branded and independent hotels and marinas, totaling nearly 70,000 guestrooms across 42 states. TPG Hotels & Resorts is a vertically integrated organization, actively engaged in operations, development, acquisitions, and asset repositioning of hotels and marinas nationwide. For more information, please visit www.tpghotelsandresorts.com.