Affiliates of Gencom, an international owner and developer of hospitality and residential properties, and Corten, a Mid-Atlantic based private real estate investment fund manager, closed a strategic venture with Provenance Hotels, an independent owner of boutique hotels.
Under the venture, a Gencom-led partnership has acquired a 50% ownership stake in eight hotels across the United States, expanding the Miami-based firm’s portfolio by more than 1,400 rooms and suites. In a related transaction, Gencom affiliate Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe, has acquired the Provenance Hotels operating company and will add 12 full-service hotels to its national network of managed properties.
The venture between Gencom and Provenance represents the first transaction between these firms.
Eight hotels will be jointly owned by a Gencom-led partnership and Provenance: the Dossier, Sentinel, Hotel Lucia and Hotel Deluxe in Portland, Oregon; Old No. 77 Hotel & Chandlery in New Orleans; Hotel Max and Hotel Murano in Seattle; and Hotel Preston in Nashville.
These properties are home to a combined 1,407 rooms and suites. In addition to the eight hotels, Pyramid will manage four hotels owned by third parties which were previously operated by Provenance: Hotel Theodore in Seattle, Heathman Hotel and Woodlark Hotel in Portland, and The Bradley in Fort Wayne, Indiana. In total, Pyramid’s portfolio of managed properties will grow by 1,952 rooms and suites.
