The National Restaurant Exchange sells Raffael’s for
$3.2 million - the function facility was sold to the Saphire Group

Walpole, MA One of the most popular function facilities, Raffael’s in Walpole, was sold for $3.2 million to the Saphire Group, named the 7th highest grossing event promoter in the state.

The 15,000 s/f building on 3.5 acres, accommodates over 400 guests and recently experienced over $500,000 in interior redesign. The seller, Elio Ricci, operates Raffael’s Banquet & Conference Facility at the South Shore Country Club. 

The sale was a result of the efforts of president Dennis Serpone and executive vice president Marie Feudo who have been with The National Restaurant Exchange for several years and manage other in-house restaurant specialists.

The National Restaurant Exchange is the parent company of New England Restaurant Brokers and recently celebrated its 38th year of restaurant and hospitality brokerage and consultancy.