Pyramid Global Hospitality Closes Acquisition of Provenance Hotels’ Operating Division
Pyramid Global Hospitality announced the company has closed the acquisition of the operating division of Provenance Hotels, an independent owner of boutique hotels. The transaction adds 12 full-service, independent hotels to Pyramid's national network of managed properties. In a related transaction, Gencom, an international owner and developer of hospitality and residential properties, acquired a 50% ownership stake in eight Provenance hotels.
"The addition of the Provenance portfolio places Pyramid in multiple, new markets, particularly in the Pacific Northwest, an area we long have sought to engage," said Chris Devine, chief investment officer, Pyramid Global Hospitality. "We continue to have nationwide growth aspirations for our third-party hotel management portfolio and look to ride our on-going momentum into the coming year. 2022 saw the addition of 29 hotels and 5,537 rooms, and we anticipate similar growth in 2023."
Katherine Durant, president and CEO of Provenance, said, "We are excited to bring in Pyramid for the management of these properties and are confident the partnership will bring both expanded opportunities for our team members and even greater resources for our guests. I look forward to remaining actively involved in the business and partnering with the Pyramid team on opportunities for continued growth."
In total, Pyramid's portfolio of managed properties will grow by 1,952 rooms and suites. The 12 hotels include:
The Dossier, in Portland, Ore.
The Sentinel, in Portland, Ore.
Hotel Lucia in Portland, Ore.
Hotel Deluxe in Portland, Ore
Old No. 77 Hotel & Chandlery in New Orleans, La.
Hotel Max in Seattle, Wash.
Hotel Murano in Seattle, Wash.
Hotel Preston in Nashville, Tenn.
Hotel Theodore in Seattle, Wash.
Heathman Hotel in Portland, Ore.
Woodlark Hotel in Portland, Ore.
The Bradley in Fort Wayne, Ind.