Benchmark Pyramid and Provenance Hotels have signed a definitive agreement under which Benchmark Pyramid will acquire Portland, OR-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.
“We couldn’t be more thrilled to welcome the Provenance family into Benchmark Pyramid’s storied portfolio,” said Warren Fields, CEO, Benchmark Pyramid. “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.”
Katherine Durant, president/CEO, Provenance, said, “This transaction is an exciting step forward for Provenance, our employees and our guests. 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.”
Gordon Sondland, Provenance’s founder/chairman, said, “We are thrilled to join forces with Benchmark Pyramid, a celebrated leader in the hospitality industry with a history of success. 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.”
The newly acquired properties include two downtown Seattle hotels—Hotel Max (pictured above) and Hotel Theodore; the boutique Old No. 77 Hotel & Chandlery, situated just blocks from New Orleans’ French Quarter; downtown Nashville’s newly renovated Hotel Preston; Hotel Murano in Tacoma, WA; and Fort Wayne, IN’s The Bradley. Also included are six downtown Portland, OR, hotels: Hotel Deluxe, Woodlark hotel, Sentinel hotel, Hotel Lucia, the Heathman Hotel and Dossier hotel.
Following the close of the transaction, which is expected in the second quarter of this year, 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.