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Gencom, Corten Real Estate Affiliates Close on Strategic Venture with Provenance Hotels
Affiliates of Miami, FL-based Gencom, an international owner and developer of hospitality and residential properties, and Corten Real Estate, a private real estate investment fund manager, have 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 US, which expands the firm’s portfolio by more than 1,400 rooms and suites: The Dossier, Sentinel, Hotel Lucia and Hotel Deluxe in Portland, OR; Old No. 77 Hotel & Chandlery in New Orleans, LA; Hotel Max and Hotel Murano in Seattle, WA; and Hotel Preston in Nashville, TN.
In a related transaction, Gencom affiliate Pyramid Global Hospitality, which oversees hotel property management and operations throughout the US and Europe, has acquired the Provenance Hotels operating company. In addition to the eight hotels listed above, 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, OR and The Bradley in Fort Wayne, IN.
Photo: The Dossier
The Gencom portfolio is comprised of nearly $7 billion in assets under management and includes 15 assets in operation or under development with over 7,000 hotel rooms around the world.
Corten Real Estate and its principals have invested in over 70 hotels, in excess of 15,000 keys, and over $4 billion of total capitalization.
- ◦Sale/Acquisition
