“The Mayflower Park is an iconic asset and, as long-term holders of real estate, we are proud to add it to our Seattle portfolio,” said Gordon Sondland, Founder and CEO of Provenance Hotels.
SEATTLE, Wash. (PRWEB) April 13, 2015
Mayflower Hotel Owner, LLC an affiliate of Provenance Hotels and NBP Capital has acquired the fee simple interest in the Seattle property which is currently operated as the Mayflower Park Hotel ("The Mayflower Park") from Temple De Hirsch Sinai. The Mayflower Park Hotel has been operated and managed since 1974 by independent Seattle operators Birney and Marie Dempcy who have a lease on the property that ends in 2025. At that time, Mayflower Hotel Owner will assume control of the hotel, with Provenance Hotels managing day to day operations.
Provenance Hotels, owner and operator of award-winning independent lifestyle hotels, and NBP Capital, a privately held investment real estate fund, are both headquartered in Portland, Ore. and this 50/50 joint venture is their second acquisition in Seattle in 2015. The two companies purchased the Roosevelt Hotel at the corner of Pine Street and 7th Avenue in January 2015 and, in February, announced their acquisition of the Portland’s Woodlark and Cornelius buildings and intent to develop an independent lifestyle hotel.
Built in 1927, the Mayflower Park is located in the heart of downtown Seattle at the intersection of Olive Way and 4th Avenue, near waterfront tourist attractions and the business and retail core. The hotel has 160 rooms, 4,576 sq. ft. of meeting space, and two food and beverage outlets: Andaluca, a restaurant, and Oliver’s, a lounge.
“As our acquisition of the Roosevelt Hotel and this purchase of the Mayflower Park demonstrates, we are confident in the long term future of the Seattle market,” said Gordon Sondland, Founder and CEO of Provenance Hotels. “The Mayflower Park is an iconic asset and, as long-term holders of real estate, we are proud to add it to our Seattle portfolio.”
"No one knows the Pacific Northwest hospitality market better than Provenance Hotels and, together, we are committed to seizing the opportunities that abound in the region," said Lauren Noecker Robert, Managing Member of NBP Capital. “Because our investment philosophies are seamlessly aligned, we are able to act quickly and decisively to execute when those opportunities arise.”
“Our partners at NBP Capital, with their investment acumen and strategic foresight, have been instrumental in bringing these deals to fruition,” added Bashar Wali, Principal and President of Provenance Hotels. “We see the potential of the Mayflower Park, the Roosevelt Hotel and the Woodlark and Cornelius buildings and are excited to deepen our partnership in pursuit of that vision.”
With this purchase, the Mayflower Park joins Hotel Max, Hotel 1000 and the Roosevelt Hotel in Provenance Hotels’ Seattle portfolio. The company also owns Portland’s Westin, Hotel Lucia, Hotel deLuxe and Sentinel as well as Hotel Murano in Tacoma, Wash. and Hotel Preston in Nashville, Tenn. Provenance Hotels is slated to open the Old No. 77 Hotel & Chandlery New Orleans this spring.
# # #
About NBP Capital
NBP Capital is a privately held investment real estate fund with a market value of $200MM. NBP Capital currently owns more than 1,500 apartments and 350,000 square feet of commercial assets across forty properties. The fund is invested across all sectors: multifamily, office, hospitality, storage and retail. The goal of NBP Capital is long term capital appreciation. For more information, see http://www.nbpcapital.com.
About Provenance Hotels
Founded in 1985 and headquartered in Portland, Ore., Provenance Hotels specializes in acquiring, developing and operating award-winning independent and nationally affiliated branded hotels. The company’s owned portfolio includes 14 projects existing or under development in Washington, Oregon, California, Louisiana and Tennessee totaling nearly 2,250 rooms. In spring 2015, the company will open the Old No. 77 Hotel & Chandlery in New Orleans. For more information, please see http://www.provenancehotels.com.