Provenance, NPB Capital purchase fee simple interest in Seattle's Mayflower Park Hotel

Mayflower Hotel Owner, an affiliate of Provenance Hotels and NBP Capital, acquired the fee simple interest in the Seattle property which is currently operated as the Mayflower Park Hotel from Temple De Hirsch Sinai. The Mayflower Park Hotel has been operated and managed since 1974 by independent Seattle operators Birney and Marie Dempcy who have a lease on the property that ends in 2025. At that time, Mayflower Hotel Owner will assume control of the hotel, with Provenance Hotels managing day to day operations.

Provenance Hotels, owner and operator of independent lifestyle hotels, and NBP Capital, a privately held investment real estate fund, are both headquartered in Portland, Ore., and this 50/50 joint venture is their second acquisition in Seattle in 2015. The two companies purchased the Roosevelt Hotel at the corner of Pine Street and 7th Avenue in January 2015 and, in February, announced their acquisition of the Portland’s Woodlark and Cornelius buildings and intent to develop an independent lifestyle hotel.

Built in 1927, the Mayflower Park is located in the heart of downtown Seattle at the intersection of Olive Way and 4th Avenue, near waterfront tourist attractions and the business and retail core. The hotel has 160 rooms, 4,576 square feet of meeting space and two food and beverage outlets: Andaluca, a restaurant, and Oliver’s, a lounge.

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.

With this purchase, the Mayflower Park joins Hotel Max, Hotel 1000 and the Roosevelt Hotel in Provenance Hotels’ Seattle portfolio. The company also owns Portland’s Westin, 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 this spring.

Suggested Articles

IHG CEO Keith Barr discusses the group's strategy for 2020

It can be such a dilemma, can’t it, working out what to do with the sacks of cash one has piling up in the bank, or in the vault.

2,500 senior leaders will come together on the 2nd to 4th of March 2020 at the 23rd International Hospitality Investment Forum (IHIF).