Dovetail + Co Launches, Acquires Mainstay Hotel in Newport, Rhode Island

NEW YORK, and NEWPORT, R.I., Jan. 29, 2019 /PRNewswire-PRWeb/ -- Accomplished hotel developer Phil Hospod announced the launch of Dovetail + Co, a hotel ownership and development company focused on creating value through design, experience, and capital. The company's first acquisition, in partnership with JEM Holdings, is the Mainstay Hotel in Newport, a 200-room full-service hotel with onsite restaurant and pool. With the purchase, Dovetail + Co plans a significant redevelopment that will transform the property into a vibrant hideaway that is grounded in Newport's colorful history and celebrates the city's emerging culinary and art scenes.

Led by Hospod, Dovetail will reposition and redevelop the property for a new generation of visitors and their families. Dovetail has already enlisted creative design studio Reunion Goods & Services to reimagine the guest rooms and public areas. Hospod is also excited to work with dynamic, local talent to transform the onsite restaurant and other amenities.

"Our goal is to create a fun and comfortable experience for visitors and locals that leans on Newport's past, but celebrates its present—here and now," Hospod said. "A friendly home base, where people can mingle, relax, and enjoy great food, but also get inspired to discover everything we love about Newport—all within minutes of the hotel."

Located in North Newport, the Mainstay Hotel is convenient to downtown Newport—renown for its Gilded Age mansions, America's Cup sailing, sandy beaches, and rugged coastline—and Naval Station Newport—a U.S. Navy base with approximately 5,800 employees and 17,000 students. Dovetail is keen to contribute to the revitalization of North Newport, creating jobs and improving this prominent gateway to the City by the Sea and Aquidneck Island. Hospod also has deep ties to Rhode Island. His extended family resides in the state's East Bay, and he and his wife married at the Herreshoff Marine Museum & America's Cup Hall of Fame in Bristol. Since 2008, he's spent his summers sailing Narragansett Bay, picnicking at Newport Polo matches, and sipping Del's Lemonade at the Bristol Fourth of July parade—the oldest in the nation.

The New York-based Dovetail + Co aims to build a diverse portfolio of unique hotel properties in both established and emerging markets in the Northeast and Mid-Atlantic. Hospod believes in creating memories, not commodities. It's an ethos he honed most recently as part of Sydell Group's senior leadership team, where his notable achievements include Freehand New York and The LINE DC, award-winning and market-defining developments.

"I've had the good fortune to work with some of the industry's best throughout my career," Hospod said. "As I launch Dovetail, I look forward to furthering the landscape of genuine and imaginative hospitality."

About Dovetail + Co

Dovetail + Co is an owner and developer focused on creating profitable, beautiful, and locally rooted experiential real estate. That means achieving long-term, risk-adjusted returns for investors by focusing on properties that leave an impression, rather than over-leveraging a commodity product that has no means of differentiating itself. Dovetail pairs unique opportunities with best in class design, real estate, and hospitality practices. Through the acquisition, development, design, and construction process, Dovetail + Co turns dreams into reality—one detail at a time.
dovetailandco.com

About JEM Holdings

Mikael Levey is the founder, owner, and CEO of JEM Holdings, a New York City-based real estate investment company founded in 2013 and focused on acquiring value-add multifamily properties in the Southeast. In addition to JEM's value-add multifamily portfolio, JEM is currently growing its office portfolio, developing multifamily, and through its subsidiary, JEM Joint Ventures, partnering on the Mainstay Hotel acquisition. Mikael oversees all aspects of both JEM Holdings and JEM Joint Ventures. Since its inception, JEM has acquired thirty-five properties, comprised of approximately 7,000 multifamily housing units and three office buildings.
jemreholdings.com/

SOURCE Dovetail + Co