Portland-based Provenance Hotels, owner and operator of Tacoma’s Hotel Murano, and Thayer Lodging Group, a privately held hotel real estate investment company based Maryland, have partnered to acquire the 120-room Hotel 1000 in downtown Seattle.
Provenance will operate the Forbes Four Star-rated Hotel 1000. The company now operates two of the five hotels in Washington, including the Murano, that are rated Four Star by Forbes Travel Guide.
The purchase of Hotel 1000 is the first joint venture between Provenance Hotels and Thayer Lodging Group and the third acquisition made by Thayer with their $300 million Thayer Fund VI. Since forming its first private equity fund more than two decades ago, Thayer has completed 44 hotel investments with a total acquisition value of approximately $2.7 billion.
Bruce Wiles, Chief Operating Officer of Thayer Lodging Group, said in a release, "We are thrilled to announce this partnership with Provenance Hotels to acquire Seattle’s Hotel 1000. Like our other recent marquee acquisitions, the Ritz-Carlton San Francisco and Hilton Los Cabos Beach & Golf Resort, Hotel 1000 is a distinctive asset with opportunity for improved performance that makes it ideal for deployment of Thayer’s Fund VI."
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Hotel 1000 is the 14th hotel in Provenance Hotels’ portfolio. It opened in June 2006 and features 120 luxury guest rooms and is topped by ten floors of upscale condominiums.