The Fifth Element has new owners. The popular restaurant, which started in 2004 on Lower Thames Street before moving to Broadway, officially changed hands Tuesday afternoon and the paperwork was filed Wednesday morning. The former Foley’s Gas Station property was included in the sale.
WHO BOUGHT THE FIFTH ELEMENT?
The buyers are a small group of local investors led by Derek Savas and longtime Newport hospitality pro Mark St. Laurent, who will will take the reigns as general manager.
WHAT ABOUT THE STAFF?
Savas and St. Laurent plan to keep The Fifth Element and The Outer Element running pretty much as it is today. All staff will remain on board and the name will continue.
“We recognize Brad and Frank have done an unbelievable job building the Fifth Element brand and experience,” said a source close to the deal. “Our goal is to make very few changes, if any at all, and maintain the integrity of the brand by continuing to operate the 5th Element as Frank and Brad always have,” said a source close to the deal. “Where bar meets grill, in America’s first resort town.”
IS THE FIFTH ELEMENT BUILDING A HOTEL?
They currently do not have any immediate renovation plans for the restaurant or gas station and will continue to expand and build upon the Outer Element space Brad and Frank started. Currently, they are unsure as to what we will do with the gas station property.
WHICH ROCKSTAR REALTORS GOT THIS DEAL DONE?
Both realtors involved in this deal, Teri Degnan the listing agent and Lea Savas of Edge RI Hawks & Company Group the buyers agent, have been instrumental throughout this process.
HOW MUCH DID THE FIFTH ELEMENT SELL FOR?
$4.5 million
Like Newport Buzz? We depend on the generosity of readers like you who support us, to help with our mission to keep you informed and entertained with local, independent news and content. We truly appreciate your trust and support!
