The organizers of The Newport Collection: A Yacht & Lifestyle Event have announced today, that they will be suspending the upcoming event, which was due in June 2011.

The Newport Collection- A Yacht & Lifestyle Event

Paul O’Reilly, CEO of Newport Harbor Corporation, producer of The Newport Collection, comments, “We’ve made a very difficult decision to suspend The Newport Collection for June 2011. While we had a great deal of success within the yachting industry—we have already sold over half our available in-water space for the event—we have not been able to generate the necessary sponsorship commitments from the broader luxury markets. However, we continue to see the value in the concept of The Newport Collection.”

Bob Saxon, a chief architect of the Collection, says, “The boat show model—insofar as large yachts are concerned—is currently undergoing a tremendous makeover. The vision of The Newport Collection has helped pave the way. While suspension of the debut is a complex assessment, it’s critical that the final product accomplish what the industry and owners alike need. Given the significant input of The Newport Collection’s Founders and leading industry marketing executives, all are best served by introducing an experience that will succeed for years to come when the timing is right.”

“We are grateful to the remarkable response of the superyacht industry. During the development stage of The Newport Collection to now, we’ve met many wonderful people who helped us to develop a signature event in a way that would work for them. We are grateful to all the companies who signed on early to participate, we acknowledge the time and energy of our Founders and we appreciate the expertise of our consultants,” says O’Reilly. “I’m sure we’ll have the opportunity to work together in the future.”