Buyer found for West Valley Inn but future still unclear

THE OWNERS OF THE WEST VALLEY INN in West Warwick, which has been in business since 1978, have come to an agreement with a buyer. The parties will now negotiate the details of the transaction, while the restaurant and catering operation remains closed. / COURTESY WEST VALLEY INN
THE OWNERS OF THE WEST VALLEY INN in West Warwick, which has been in business since 1978, have come to an agreement with a buyer. The parties will now negotiate the details of the transaction, while the restaurant and catering operation remains closed. / COURTESY WEST VALLEY INN

WEST WARWICK – The owners of the West Valley Inn have accepted a conditional offer to purchase the 12-acre property, the listing agent announced Wednesday. The buyer, who was not identified, is expected to negotiate a purchase and sale agreement with the owner within the next several days, Butler Realty REMAX announced.

The proposed purchase price was not disclosed. But the financing is expected to be a cash transaction, according to the news release.

According to the release, the buyer has not committed to a use for the property yet, although operating a food service business is one of the options under consideration.

The West Valley Inn closed Aug. 21 after continuous operation since 1978. Operated by the Correia family, it had been listed for sale for about a year. The list price was $1.5 million.

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The offer accepted was one of four who submitted bids by the deadline of Aug. 23, according to a news release prepared by Nancy Thomas, president of Tapestry Communications.

A due diligence period of up to 45 days is expected before the closing.

The property includes four business components: catering, restaurant, prepared foods to go and banquets for the six-room event area.

The listing agent, Jeff Butler, has indicated he is accepting proposals from parties interested in leasing these units.

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