Pyramid Global Hospitality has closed the acquisition of the operating division of Provenance Hotels, an independent owner of boutique hotels. The transaction, announced earlier this year, 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 percent ownership stake in eight Provenance hotels. Terms of the deals were not disclosed.
“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,” Chris Devine, chief investment officer, Pyramid Global Hospitality, said in a statement. “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.”
“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,” Katherine Durant, president and CEO of Provenance, added. “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 are:
- 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
- Hotel Max in Seattle
- Hotel Murano in Seattle
- Hotel Preston in Nashville
- Hotel Theodore in Seattle
- Heathman Hotel in Portland, Ore.
- Woodlark Hotel in Portland, Ore.
- The Bradley in Fort Wayne, Ind.