Provenance Hotels Acquries 100% Ownership Equity in Sentinel
Portland, Ore. (PRWEB) March 25, 2015 -- Provenance Hotels has acquired Woodbine Development Corporation’s 50% interest in Sentinel and now owns and controls 100% of the much buzzed-about Portland hotel property that opened in March 2014.
Provenance Hotels, a Portland-based owner and operator of award-winning, independent lifestyle hotels, partnered with Woodbine Development Corporation, a Dallas-based real estate company that focuses on hospitality investment, development and asset management, to purchase the then-Governor Hotel in May 2012. Provenance Hotels assumed management of the historic property and, together, the two companies executed a full renovation and rebranding that restored its original grandeur, introduced the Sentinel name and repositioned it in the market among the city’s highest-rated hotels. The two companies remain partners in the soon-to-launch Old No. 77 Hotel & Chandlery, opening later this year in New Orleans.
“It has been our great pleasure and good fortune to have worked with Woodbine on
Sentinel and I congratulate them on a very successful transaction,” said Gordon Sondland, CEO of Provenance Hotels. “Although they have sold their interest in Sentinel, we have built an enduring relationship that led to our joining forces again in New Orleans and is sure to result in more exciting deals.”
“The Sentinel transformation was a win-win for all parties involved,” added T. Dupree Scovell, Managing Director of Woodbine Development Corporation. “Woodbine was committed to a value-add reposition strategy and the best path to execution was selling our interest to our partners at Provenance. With a strong capital base, the complementary strengths of both platforms has led to other opportunities and our goal is to identify other similar independent, lifestyle deals around the country.”
“The success we had in renovating and repositioning Sentinel wouldn’t have been possible without the true partnership and meaningful collaboration we enjoyed with the Woodbine team,” said Bashar Wali, President of Provenance Hotels. “We are look forward to launching the Old No. 77 Hotel & Chandlery in New Orleans later this year and coming together on many more projects in the future.”
The Sentinel acquisition comes on the heels of Provenance Hotels’ partnership with Thayer Lodging to purchase Seattle’s Hotel 1000 in summer 2014 and marks the company’s third acquisition of 2015. Earlier this year, Provenance Hotels announced a partnership with Portland-based NPB Capital to purchase of Seattle’s Roosevelt Hotel and Portland’s historic Woodlark and Cornelius buildings. Together, Provenance Hotels and NBP Capital intend to rebrand and renovate the Roosevelt and to develop the historic Portland buildings into a new hotel. Provenance Hotels will manage both projects which are slated for completion in 2016.
With the purchase of Sentinel, Provenance Hotels adds the property to its portfolio of wholly-owned hotels in Portland that includes Hotel Lucia, Hotel deLuxe and the Westin Portland. The company also owns and manages Hotel Max in Seattle and Hotel Murano in Tacoma, Wash. and Hotel Preston in Nashville, Tenn. In addition, Provenance Hotels owns the Paramount Hotel in Seattle and is developing a hotel on the sand in Hermosa Beach, Calif. with Bolour and Associates of Beverly Hills.
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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 portfolio includes nine owned and operated properties in Washington, Oregon and Tennessee and numerous managed assets, totaling nearly 2,500 rooms. In 2015, the company will open the Old No. 77 Hotel & Chandlery in New Orleans, La. For more information, please see http://www.provenancehotels.com.
About Woodbine Development
Woodbine Development Corporation is a full-service real estate company with over 40 years of development, investment/acquisition and asset management experience. With offices in Dallas, Phoenix, and Los Angeles, the company specializes in hotels, resorts, and mixed-use developments throughout the United States. Woodbine has been involved with more than $3 billion in commercial real estate projects, including development, ownership and/or asset management of more than 7,000 hotel rooms. Spread across 10 different states, the Woodbine portfolio includes major brands and independent hotels. To learn more, visit http://www.woodbinedevelopment.com.
Kate Buska, Provenance Hotels, http://www.provenancehotels.com, +1 503-548-9399, [email protected]
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