Benchmark Pyramid and Provenance Hotels have signed a definitive agreement under which Benchmark Pyramid will acquire Portland, Ore.-based Provenance, adding 12 hotels to Benchmark Pyramid’s portfolio of more than 240 properties across the U.S., Europe and the Caribbean. Terms of the transaction were not disclosed.
The acquisition comes less than a year after development and management firm Benchmark Global Hospitality merged with management company Pyramid Hotel Group.
“We couldn’t be more thrilled to welcome the Provenance family into Benchmark Pyramid’s storied portfolio,” said Warren Fields, Benchmark Pyramid’s CEO. “The decades of highly successful management from the Provenance team is something we look forward to building upon as we continue to create the most owner-focused, experiential company in the industry.”
“This transaction is an exciting step forward for Provenance, our employees and our guests,” said Katherine Durant, president and CEO of Provenance. “As part of Benchmark Pyramid, Provenance employees will gain access to even greater employment opportunities, and our guests will benefit from the resources of a larger organization with a global portfolio of properties. We are confident that Benchmark Pyramid shares our employee-oriented culture and values, and we look forward to a bright future for our combined company.”
“We are thrilled to join forces with Benchmark Pyramid, a celebrated leader in the hospitality industry with a history of success,” said Provenance’s founder and Chairman Gordon Sondland. “Together, we have great opportunities for growth, and I look forward to remaining engaged with the company and its world-class management team as a member of the combined company’s board.”
New Properties
The newly acquired properties include two downtown Seattle hotels—Hotel Max and Hotel Theodore; the boutique Old No. 77 Hotel & Chandlery, close to New Orleans’s French Quarter; downtown Nashville’s newly renovated Hotel Preston; Hotel Murano in Tacoma, Wash.'s South Sound; and The Bradley in Fort Wayne, Ind.
Also included are six properties in downtown Portland, Ore.: Hotel Deluxe in the Goose Hollow neighborhood, the Woodlark; Sentinel in the West End; Hotel Lucia, which is listed on the National Register of Historic Places; the Heathman Hotel and the Dossier.
Following the close of the transaction, which is expected in the second quarter of 2022, Provenance will merge its interests into Benchmark Pyramid, and Sondland will join the board of directors. The transaction is ready to close upon lender consent, which all parties expect to be forthcoming quickly.