Audrain owners acquire another Newport restaurant. Here's where they're expanding

The Heritage Restaurant Group has acquired another Newport restaurant.

The Newport-based hospitality group announced Monday morning it has entered into a contract to acquire The Reef restaurant. Terms of the acquisition were not immediately known.

“We are delighted to welcome The Reef to The Heritage Restaurant Group family,” said Michael Anderson, spokesman for The Heritage Restaurant Group in a written statement. “The Reef’s reputation for delicious food, stunning waterfront views, and warm hospitality perfectly aligns with our vision. We look forward to continuing the tradition of creating lasting memories for our regular and new patrons alike.”

Located at 10 Howard Wharf, The Reef offers waterfront views and serves fresh, local seafood and creative cocktails.

According to the announcement, "the Heritage Restaurant Group plans to seamlessly integrate The Reef into its existing operations, ensuring a smooth transition for both staff and guests. The restaurant will continue to operate under the beloved 'The Reef' name."

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“This acquisition is a strategic move that allows us to invest further in Newport’s vibrant culinary scene,” Anderson said. “Our commitment extends to enhancing the overall dining experience while preserving the beloved waterfront location.”

Restaurants operated by The Heritage Restaurant Group

The Heritage Restaurant Group also owns La Forge Casino Restaurant, Wally’s Wieners, La Costa Lobster Rolls and Tacos, Cluck Truck, Cluck House, A Mano Pizza & Gelato, Wiener Wagon and Newport Lobster Company, Aquidneck Island’s largest wholesale seafood dealer. The group also recently purchased the Brick Alley Pub.

The purchase of the property that houses the Brick Alley Pub was recently completed at a price of $9,750,000.

What is The Heritage Restaurant Group?

The Heritage Restaurant Group is under the umbrella of AR Global Investments, owned by Nicholas Schorsch, an entrepreneur and investor who is well-known in the financial services industry for founding several commercial real estate investment firms. His son, Nicholas Schorsch Jr. works as the chief operating officer for AR Global.

In addition to the dining entities operating under the Audrain Hospitality Group, the company runs the Newport Craft Brewery and Distilling Company and the hotel Hilltop Inn. Through Audrain, the company also owns Audrain Automobile Museum, Audrain Motorsport Club and Audrain Park Place.