Provenance Hotels partnered with NBP Capital to purchase the Roosevelt Hotel in Seattle from North Coast Washington which, in partnership with Provenance Hotels, owned the property since 1985. The property will continue to be affiliated with Coast Hotels for the next 60 days until Provenance Hotels assumes management.
Opened in 1930, the 151 room Roosevelt Hotel is located at the intersection of 7th Avenue and Pine Street in downtown Seattle, across the street from the Washington State Convention Center, steps from the central business district, in the heart of the retail core, just a few blocks from Pike Place Market and the waterfront. The acquisition of the Roosevelt Hotel is the second joint acquisition for NBP Capital and Provenance Hotels in two weeks. Earlier this month, they announced their purchase of the historic Woodlark and Cornelius buildings in downtown Portland, Ore. and intent to launch an adaptive reuse project that will renovate the properties into a 150 room hotel.
When completed, the project will join Hotel Max and Hotel 1000 as Provenance Hotels’ third owned and operated hotel in Seattle. The company also owns and manages Portland’s 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 in spring 2015 and is developing a hotel in the Woodlark and Cornelius buildings in Portland with NBP Capital. In addition Provenance Hotels owns the Westin Portland and Paramount Hotel in Seattle.