NBP Capital, a privately held Portland-based investment real estate fund, and hotel owner/manager Provenance Hotels have partnered to purchase two adjacent buildings in downtown Portland, Ore., with plans for a $30-million renovation that will create a 150-room lifestyle hotel.
NBP Capital is the majority partner in project and, Arthur Mutal, a development company based in Portland, has invested alongside NBP and Provenance Hotels. Provenance Hotels will manage the hotel when it opens in 2016.
"We are thrilled to partner with Provenance Hotels on a new type of hotel experience in Portland that celebrates the historic attributes of both the Cornelius and the Woodlark and incorporates contemporary elements to create a destination not just for visitors, but for the local community alike," said Lauren Noecker Robert, managing member of NBP Capital. “With Provenance’s long track record of success and innovation in the hospitality sector, and our collective expertise in the market, we are confident this project will be a tremendous success.”
“Coming right on the heels of our successful launch of Sentinel in spring 2014, this continued expansion here in our company’s hometown underscores our commitment to and belief in the downtown Portland market,” added Gordon Sondland, founder and CEO of Provenance Hotels. “Choosing projects like the Woodlark and Cornelius buildings is a direct result of our passion for renovating historic buildings and bringing them back to life.”
“This is the first of several exciting projects we are working on with NBP. It’s always refreshing to partner with like-minded people in hand-crafting the kind of unique destinations we have become known for,” added Bashar Wali president and principal of Provenance Hotels. “We are already working on assembling a lineup of Portland’s finest artisans to create another truly authentic Portland experience.”
The adaptive reuse will connect the Woodlark Building, built in 1912 and located on the corner of SW Alder and SW Park in downtown Portland, with the adjacent former Cornelius Hotel, built in 1908, and have space for two leased food and beverage outlets. The partners are exploring options for restaurant and bar partners by tapping into Provenance Hotels’ extensive network in Portland and beyond. The purchase of the properties, which are both listed on the National Register of Historic Places, is the first joint acquisition by NBP Capital and Provenance Hotels. It marks a significant expansion into the hospitality sector for NBP Capital, which owns more than 1,500 apartments and 350,000 sq. ft. of commercial assets across forty properties.
R&A Architecture & Design, Inc. and MCA Architects will oversee architecture on the project. Interior design will be done by Staicoff Design Company of Portland. When completed, the project will be Provenance Hotels’ fifth hotel in Portland. The company owns the Westin Portland and owns and manages Portland’s Hotel Lucia, Hotel deLuxe and Sentinel as well as Hotel Max and Hotel 1000 in Seattle, Hotel Murano in Tacoma, Wash., and Hotel Preston in Nashville, Tenn. Provenance Hotels will also open the Old No. 77 Hotel & Chandlery in New Orleans in spring 2015.