4 pumping appliances, an aerial ladder platform and the Incident Command Unit are all on scene at Green Street alongside a duty fire officer.
Firefighters wearing breathing apparatus have entered the hostel building and appear to be tackling a fire in the communal kitchen area.
Police and the Isle of Wight Ambulance Service are also on scene. The alarm was raised at 00:30.
Green Street has been closed in both directions by Police.
UPDATE @ 01:12 – The incident has been quickly contained and as a result fire crews are now beginning to stand down.
1 appliance from Newport and the Incident Command Unit have already left the scene, with further appliances expected to follow suit shortly.
No one has been injured.
UPDATE @ 01:24 – Just 2 appliances from Ryde remain at Fellowship House, where things are returning to normal.
It has been confirmed that a saucepan left on a hob is to blame for the alert.
Green Street is expected to re-open imminently.