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.
- ◦Sale/Acquisition