Pyramid Global Hospitality Closes Acquisition of Provenance Hotels’ Operating Division
Pyramid Global Hospitality today announced the company has closed the acquisition of the operating division of Provenance Hotels, an independent owner of boutique hotels. The transaction adds 12 full-service, independent hotels to Pyramid’s national network of managed properties. In a related transaction, Gencom, an international owner and developer of hospitality and residential properties, acquired a 50% ownership stake in eight Provenance hotels.
“The addition of the Provenance portfolio places Pyramid in multiple, new markets, particularly in the Pacific Northwest, an area we long have sought to engage,” said Chris Devine, chief investment officer, Pyramid Global Hospitality. “We continue to have nationwide growth aspirations for our third-party hotel management portfolio and look to ride our on-going momentum into the coming year. 2022 saw the addition of 29 hotels and 5,537 rooms, and we anticipate similar growth in 2023.”
Katherine Durant, president and CEO of Provenance, said, “We are excited to bring in Pyramid for the management of these properties and are confident the partnership will bring both expanded opportunities for our team members and even greater resources for our guests. I look forward to remaining actively involved in the business and partnering with the Pyramid team on opportunities for continued growth.”
In total, Pyramid’s portfolio of managed properties will grow by 1,952 rooms and suites. The 12 hotels include:
- The Dossier, in Portland, Ore.
- The Sentinel, in Portland, Ore.
- Hotel Lucia in Portland, Ore.
- Hotel Deluxe in Portland, Ore
- Old No. 77 Hotel & Chandlery in New Orleans, La.
- Hotel Max in Seattle, Wash.
- Hotel Murano in Seattle, Wash.
- Hotel Preston in Nashville, Tenn.
- Hotel Theodore in Seattle, Wash.
- Heathman Hotel in Portland, Ore.
- Woodlark Hotel in Portland, Ore.
- The Bradley in Fort Wayne, Ind.
About Pyramid Global Hospitality
Pyramid Global Hospitality was formed by the 2021 merger of three hotel and resort management companies, creating the most owner-focused, experiential company in the industry and its best workplace. The organization’s global portfolio spans more than 220 properties in the U.S., Caribbean and Europe. It maintains offices in Boston; The Woodlands, Texas; Cincinnati; and London. For more information, visit www.PyramidGlobal.com.
Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, Marriott and St. Regis. www.gencomgrp.com
About Provenance Hotels
Headquartered in Portland, Oregon, Provenance Hotels owns, develops and manages market-leading independent hotels. Imbued with intentional, deeply integrated art stories, these Conde Nast Reader’s Choice Award-winning hotels showcase trend-setting amenities, creative collaborations with local co-conspirators and innovative food & beverage operations while focusing on operational efficiency and profitability. The portfolio includes 12 properties totaling nearly 2,000 keys. The Company can be found online at www.provenancehotels.com.