Provenance Hotels, a hotel owner and operator based in Portland, Ore., and Annapolis, Md.-based Thayer Lodging Group, a hotel real estate investment company, have partnered to acquire the 120-room Hotel 1000 in downtown Seattle.
Terms of the deal were not disclosed.
The purchase of Hotel 1000 is the first joint venture between Provenance Hotels and Thayer Lodging Group and the third acquisition made by Thayer with their $300 million Thayer Fund VI. Since forming its first private equity fund more than two decades ago, Thayer has completed 44 hotel investments with a total acquisition value of approximately $2.7 billion.
Bruce Wiles, COO of Thayer Lodging Group, said "We are thrilled to announce this partnership with Provenance Hotels to acquire Seattle’s Hotel 1000. Provenance’s stellar track record in the lifestyle space, deep knowledge of the Seattle market and experience as owners makes their management approach ideally suited to our investment strategy.” Wiles went on to say “Like our other recent marquee acquisitions, the Ritz-Carlton San Francisco and Hilton Los Cabos Beach & Golf Resort, Hotel 1000 is a distinctive asset with opportunity for improved performance that makes it ideal for deployment of Thayer’s Fund VI."
“Given our shared vision for the future of this one-of-a-kind asset, Thayer’s consistent history of investment success and the experience they bring to the project, we couldn’t be more excited about this new venture. We are looking forward to continuing to raise the bar on the already outstanding guest experience at Hotel 1000. We are confident this is the first of many deals to come with Thayer.” said Bashar Wali, president of Provenance Hotels.
Hotel 1000 is the 14th hotel in Provenance Hotels’ portfolio and seventh under their management.
Hotel 1000 opened in June 2006.