Source: Portland Business Journal
The group that ownes half of a prominent Portland hotel said Wednesday it’ll purchase the whole shebang.
Provenance Hotels will buy the 50 percent share held by Woodbine Development Corp. in Sentinel, formerly The Governor Hotel. The move marks Provenance’s third acquisition already in 2015.
Provenance and Woodbine had combined on the deal in May 2012. Provenance manages the property, which is home to City Club of Portland meetings and hosts most Portland Business Journal Power Breakfasts.
The two companies remain partners in the Old No. 77 Hotel & Chandlery, which is opening later this year in New Orleans.
“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,” said Gordon Sondland, Provenance’s CEO, in a release.
“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,” added Bashar Wali, president of Provenance Hotels.
Earlier this year, Provenance Hotels revealed it would work with Portland-based NBP Capital to purchase Seattle’s Roosevelt Hotel and Portland’s Woodlark and Cornelius buildings.