Benchmark Pyramid to Acquire Portland, OR-Based Provenance Hotels
Benchmark Pyramid and Provenance Hotels said Monday they had signed a definitive agreement under which Benchmark Pyramid will acquire Portland, OR-based Provenance. The deal adds 12 hotels to The Woodlands, TX-based Benchmark Pyramid’s portfolio of more than 240 properties across the U.S., Europe and the Caribbean. Terms of the transaction were not disclosed.
Provenance’s founder and chairman, Gordon Sondland, said, “We are thrilled to join forces with Benchmark Pyramid, a celebrated leader in the hospitality industry with a history of success. 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.”
Along with six hotels in Portland, the acquisition also includes two properties in Seattle and one in Tacoma, along with assets in New Orleans, Nashville and Fort Wayne, IN.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).