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Provenance Hotels Acquires 100% Ownership in Sentinel

March 26th, 2015 in

Source: Hotel Business

PORTLAND, OR—Provenance Hotels has acquired Woodbine Development Corporation’s 50% interest in Sentinel and now owns and controls 100% of the hotel property that opened last March.

Provenance Hotels, a Portland-based owner and operator of independent lifestyle hotels, partnered with Woodbine Development Corporation, a Dallas-based real estate company that focuses on hospitality investment, development and asset management, to purchase the then-Governor Hotel in May 2012. Provenance Hotels assumed management of the historic property and, together, the two companies executed a full renovation and rebranding, and introduced the Sentinel name. The two companies remain partners in the soon-to-launch Old No. 77 Hotel & Chandlery, opening later this year in New Orleans.

The Sentinel acquisition comes on the heels of Provenance Hotels’ partnership with Thayer Lodging to purchase Seattle’s Hotel 1000 in summer 2014 and marks the company’s third acquisition of 2015. Earlier this year, Provenance Hotels announced a partnership with Portland-based NPB Capital to purchase Seattle’s Roosevelt Hotel and Portland’s historic Woodlark and Cornelius buildings. Together, Provenance Hotels and NBP Capital intend to rebrand and renovate the Roosevelt and to develop the historic Portland buildings into a new hotel. Provenance Hotels will manage both projects, which are slated for completion in 2016.

With the purchase of Sentinel, Provenance Hotels adds the property to its portfolio of wholly owned hotels in Portland that includes Hotel Lucia, Hotel deLuxe and the Westin Portland. The company also owns and manages Hotel Max in Seattle and Hotel Murano in Tacoma, WA, and Hotel Preston in Nashville, TN. In addition, Provenance Hotels owns the Paramount Hotel in Seattle and is developing a hotel on the sand in Hermosa Beach, CA, with Bolour and Associates of Beverly Hills.