Provenance Hotels Teams with Investment Firm to Revitalize Historic Buildings into New Hotel
NBP Capital, a privately held Portland-based investment real estate fund with a market value of $200 million, and Provenance Hotels, a hotel owner and management company based in Portland, have partnered to purchase two adjacent historic buildings in downtown Portland with plans for a $30 million renovation that will create a 150 room lifestyle hotel. NBP Capital is the majority partner in project and, Arthur Mutal, a development company based in Portland, has invested alongside NBP and Provenance Hotels. Provenance Hotels will manage the hotel when it opens in 2016.
"We are thrilled to partner with Provenance Hotels on a new type of hotel experience in Portland that celebrates the historic attributes of both the Cornelius and the Woodlark and incorporates contemporary elements to create a destination not just for visitors, but for the local community alike," said Lauren Noecker Robert, Managing Member of NBP Capital. “With Provenance’s long track record of success and innovation in the hospitality sector, and our collective expertise in the market, we are confident this project will be a tremendous success.”
“Coming right on the heels of our successful launch of Sentinel in spring 2014, this continued expansion here in our company’s hometown underscores our commitment to and belief in the downtown Portland market,” added Gordon Sondland, Founder and CEO of Provenance Hotels. “Choosing projects like the Woodlark and Cornelius buildings is a direct result of our passion for renovating historic buildings and bringing them back to life.”
“This is the first of several exciting projects we are working on with NBP. It’s always refreshing to partner with like-minded people in hand-crafting the kind of unique destinations we have become known for,” added Bashar Wali President and Principal of Provenance Hotels. “We are already working on assembling a lineup of Portland’s finest artisans to create another truly authentic Portland experience.”
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