A Peaks Island couple has purchased The Peaks Island House at 20 Island Ave. and plans to turn it into a five-room bed-and-breakfast and 48-seat restaurant, according to food and lodging license applications filed with the city of Portland.

Katie and Thom Werner are calling the new place the Island Lobster Co., and they hope to open it in May. Katie Werner is a Peaks Island native, and her husband is a commercial lobsterman.

The couple plans a small, mostly seafood menu, with steamed and fried options, for the seasonal restaurant. There also will be a children’s menu and a full bar. A deck is available for outdoor dining.