Landmark Tacoma hotel gaining new ownership. Other PNW properties also part of deal
A newly announced hotel-brand buyout means new ownership is coming for a landmark Tacoma hotel.
Benchmark Pyramid, with offices in Boston, London, Cincinnati and The Woodlands, Texas, announced this week its planned acquisition of Portland-based Provenance Hotels.
The deal is set to close second quarter 2022, according to a Benchmark Pyramid release.
Terms of the deal were not disclosed.
The acquisition will add 12 hotel properties, including Hotel Murano in Tacoma, to Benchmark Pyramid’s portfolio of more than 240 properties in the United States, Caribbean and Europe.
In addition to the Hotel Murano, the properties include downtown Seattle’s Hotel Max and Hotel Theodore and six downtown Portland hotels: Hotel Deluxe, Woodlark, Sentinel, Hotel Lucia, Heathman Hotel and Dossier.
Other properties in the deal include Old No. 77 Hotel & Chandlery in New Orleans; Hotel Preston in Nashville; and The Bradley in Fort Wayne, Indiana.
“We couldn’t be more thrilled to welcome the Provenance family into Benchmark Pyramid’s storied portfolio,” said Warren Fields, Benchmark Pyramid’s chief executive officer.
Katherine Durant, president and CEO of Provenance, said in a statement, “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.”
Included in terms of the deal, Provenance’s founder and chairman, Gordon Sondland, will join the board of directors of Benchmark Pyramid.
“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,” Sondland said 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 during Sondland’s time as U.S. ambassador to the European Union.
Provenance, the company Sondland founded, also has faced challenging times amid the pandemic, with several sites including Hotel Murano becoming non-operational for a time.
According to Benchmark Pyramid, the transaction “is ready to close upon lender consent, which all parties expect to be forthcoming quickly.”
Benchmark Pyramid was formed in a 2021 merger of Benchmark Global Hospitality and Pyramid Hotel Group.
This story was originally published April 19, 2022 at 12:07 PM.
