NEWPORT, R.I. (WPRI) — Gurney’s Newport Resort & Marina officially has a new owner.

Pebblebrook Hotel Trust purchased the 257-room hotel and resort Thursday for $174 million.

“We are very excited to acquire this extremely unique premier resort within the vibrant, high barrier to entry Newport market,” Pebblebrook Hotel Trust President and CEO Jon Bortz said. “With group and individual travelers increasingly seeking a unique resort experience with open-air amenities, Gurney’s Newport is well-positioned to continue to grow in the highly attractive Newport market.”

Gurney’s Newport, located on Goat Island, is a AAA Four Diamond resort that “is considered the crown jewel of coastal New England and is built on a long history of strong travel and tourism,” according to Pebblebrook.

The company is looking into a number of potential enhancements for guests. Those improvements may include fully renovating guest rooms and bathrooms, upgrading the front lobby, refurbishing the resort’s existing restaurants and bars, adding a market, reimagining event spaces and offering new activities and amenities.

“Pebblebrook believes the overall opportunity is to reposition the property to a higher level, given its unique location and amenities,” the company explained.