Industry NewsBenchmark Pyramid to Acquire Provenance Hotels

Benchmark Pyramid to Acquire Provenance Hotels

BOSTON, THE WOODLANDS, and PORTLAND—Benchmark Pyramid and Provenance Hotels (Provenance) announced the signing of a definitive agreement under which Benchmark Pyramid will acquire Portland, Oregon-based Provenance, adding 12 hotels to Benchmark Pyramid’s portfolio of more than 240 properties across the United States, Europe, and the Caribbean. The 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, 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.”

Katherine Durant, president and CEO of 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.”

Provenance’s Founder and Chairman Gordon Sondland 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, Washington, hotels—Hotel Max and Hotel Theodore; the Old No. 77 Hotel & Chandlery, just blocks from New Orleans, Louisiana’s French Quarter; downtown Nashville, Tennessee’s Hotel Preston; Hotel Murano in the South Sound; and Fort Wayne, Indiana’s The Bradley. Also included are six downtown Portland, Oregon hotels: the 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.

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