Provenance Hotels and NBP Capital purchase Seattle's Roosevelt Hotel

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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Suggested Articles

The hospitality arm of Frasers Property Group is planning to grow its Malmaison and Capri by Fraser brands over the next three to five years.  

The hotel is kicking off a brand that is poised to grow across both Israel and Western Europe.

A new report produced in collaboration with the Puerto Rico Tourism Co. outlines ways the island is attracting investment.