WEST WARWICK, R.I. (WPRI) — The iconic West Valley Inn is back on the market less than two weeks after a deal to purchase it was sealed.
The West Warwick banquet facility and restaurant announced on August 26 that Frank DiBiase, Jr., owner of the Atwells Restaurant Group, had beaten three other bidders and would purchase the facility.
DiBiase intended to keep the business operating and wanted to reopen it “as soon as possible.”
Last week, the company announced the deal had collapsed and no word was given as to why.
Eyewitness News reached out to DiBiase multiple times but all calls have gone unreturned.
The facility had been listed for sale since 2014 for $1.5 million, but in early August several brides told Eyewitness News that West Valley Inn suddenly canceled their wedding bookings and refunded their money.
Tuesday morning, the company announced the 50,000-square-foot building – along with the company’s four businesses – was back on the market.
Before the DiBiase deal fell through, there were four potential buyers hoping to purchase the property. In August, former Rocky Point general manager David Cascioli told Eyewitness News that he would be interested in taking over the property and keeping it running as a banquet facility.
Eyewitness News reached back to Cascioli on Tuesday and he said his offer is no longer on the table since the DiBiase offer fell through. According to Cascioli, it is a “completely different playing field” now that the venue has been closed and the staff has been laid off.
He said he hasn’t ruled anything out, but at this point, he doesn’t have any plans to pursue the venue.