Beach hotel under new ownership

Published: Tuesday, January 1, 2013 at 03:43 PM.

Newport Group Inc. is a leading real estate development and management firm that specializes in hotel investments and operations. It owns and operates properties across the Southeastern United States with planned expansion across the country and abroad, according to the company website.

Marty Matfess, executive vice president of Newport Group, submitted the bid during the foreclosure sale, and said at the time that the company plans to reopen the property as a hotel.

The Sheraton, a nine-story beachfront hotel with banquet facilities, closed for renovations September 2011 after Hurricane Irene and has never reopened. 

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