Source: Hotel Management
Provenance Hotels has acquired Woodbine Development Corporation’s 50 percent interest in the Sentinel hotel, in Portland, Ore., and now owns and controls 100 percent of the property that opened in March 2014.
Provenance Hotels is a Portland-based hotel owner and operator and partnered with Woodbine Development, a Dallas-based real estate company, to purchase the then-Governor Hotel in May 2012. Provenance Hotels assumed management and the two companies executed a full renovation and rebranding. 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.