The Oregonian: Provenance Hotels Creates Investment Fund, Purchases 4 Local Hotels
Portland-based Provenance Hotel Partners has purchased seven of the nine hotels that it manages, including four in Portland - the Westin, Hotel deLuxe, Hotel Lucia and Sentinel, the company announced Tuesday.
The move was the first acquisition for a newly created $525 million real estate investment fund to be managed by Provenance.
The fund also purchased the Hotel Max in Seattle, the Hotel Murano in Tacoma and the Hotel Preston in Nashville, according to a news release.
"Raising capital will be increasingly competitive as this economic cycle churns onward. Launching our first fund now prepares us to take advantage of the opportunities for investment that we anticipate will present themselves," said Provenance chief executive Gordon Sondland in the news release. "Because our fund is discretionary, sellers and developers will be assured a quick and certain close - which should give us a distinct advantage in acquiring the right properties at an attractive price."
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