A recently announced lodge-model buyout signifies new ownership is coming for a landmark Tacoma resort.
Benchmark Pyramid, with offices in Boston, London, Cincinnati and The Woodlands, Texas, announced this week its prepared acquisition of Portland-based Provenance Accommodations.
The offer is established to close second quarter 2022, according to a Benchmark Pyramid launch.
Terms of the deal ended up not disclosed.
The acquisition will include 12 lodge properties, which include Hotel Murano in Tacoma, to Benchmark Pyramid’s portfolio of much more than 240 qualities in the United States, Caribbean and Europe.
In addition to the Hotel Murano, the homes include downtown Seattle’s Hotel Max and Hotel Theodore and six downtown Portland accommodations: Resort Deluxe, Woodlark, Sentinel, Hotel Lucia, Heathman Resort and Dossier.
Other houses in the deal include things like Old No. 77 Lodge & Chandlery in New Orleans Lodge Preston in Nashville and The Bradley in Fort Wayne, Indiana.
“We couldn’t be a lot more thrilled to welcome the Provenance spouse and children into Benchmark Pyramid’s storied portfolio,” mentioned Warren Fields, Benchmark Pyramid’s chief govt officer.
Katherine Durant, president and CEO of Provenance, said in a assertion, “This transaction is an interesting stage forward for Provenance, our workers and our company. As section of Benchmark Pyramid, Provenance workers will obtain obtain to even greater employment possibilities, and our company will gain from the means of a larger sized organization with a world-wide portfolio of qualities.”
Included in phrases of the deal, Provenance’s founder and chairman, Gordon Sondland, will join the board of administrators of Benchmark Pyramid.
“Together, we have great opportunities for development, and I seem ahead to remaining engaged with the organization and its world-class administration crew as a member of the put together company’s board,” Sondland stated in a statement.
Sondland made headlines in 2019 as a key figure in the impeachment investigation into former President Donald Trump’s dealings with Ukraine all through Sondland’s time as U.S. ambassador to the European Union.
Provenance, the firm Sondland established, also has faced hard instances amid the pandemic, with many websites together with Resort Murano starting to be non-operational for a time.
According to Benchmark Pyramid, the transaction “is ready to shut on lender consent, which all parties assume to be forthcoming speedily.”
Benchmark Pyramid was shaped in a 2021 merger of Benchmark World-wide Hospitality and Pyramid Hotel Group.
This story was originally revealed April 19, 2022 12:07 PM.