Provenance Hotels sells minority stake in Woodlark Hotel to majority owner, NBP Capital
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NBP Capital assumes management rights to legendary Portland hotel
Provenance and NBP continue to partner on two more projects in Seattle
PORTLAND, Ore.–(BUSINESS WIRE)–Provenance Hotels (“Provenance”), owner and operator of boutique hotels, today announced the strategic sale of its minority interests in the Woodlark Hotel (the “Woodlark” or the “Hotel”) to majority shareholder NBP Capital (“NBP”), a vertically integrated commercial real estate investment platform. As part of the transaction, NBP also acquired the management rights to the hotel. The terms of the contract are not disclosed.
The Woodlark Hotel is a sophisticated 151-room hotel housed in two historic structures rolled into one in the heart of downtown Portland. The Woodlark takes the surroundings of Portland and reinterprets them in a new way, balancing sophisticated beauty with rich substance, nuance and soul. Recent hotel accolades include Conde Nast Traveler 2020 Reader’s Choice Award, TIME World’s Greatest Places 2019, Fodor’s Best Hotels in the USA 2019, Forbes’ Best Hotels in Portland, and Indie Congress’ Most Innovative Hotel Design.
“It is a strategic business decision on the part of NBP to acquire the management rights to the Woodlark, along with the remaining stake in the hotel that we did not previously own,” said Lauren Noecker Robert, co-founder and CEO of NBP. “Provenance has been a great partner and we look forward to continuing to work with them on the other two hotel assets we own together in Seattle.”
“This mutually beneficial transaction presented a great opportunity to monetize one of Provenance’s minority interests,” said Katy Durant, President and CEO of Provenance. “We are pleased to have completed this transaction with NBP and will continue to work with them on two more projects in Seattle.”
About Provenance Hotels
Based in Portland, Oregon, Provenance specializes in independent hotels that express the richest essence of the communities we call home. Award-winning hotels showcase the individuality of our brilliant talent, our cutting-edge amenities, our local art collections, the ingenuity of local tastemakers, and our innovative food and beverage offerings. The portfolio includes 13 properties in Portland, Seattle, Tacoma, Palm Springs, New Orleans, Nashville and Fort Wayne. For more information, visit www.provenance.com.
About RNB Capital
NBP Capital is a vertically integrated, West Coast-focused commercial real estate investment platform engaged in five core businesses: investment management, development, construction, hospitality and property management services. The company is owner-operator; focused on developing assets that will be held indefinitely. The company was founded in 2008 as NFN Investments and rebranded as NBP Capital in 2014. Its portfolio now has a market value of over $1 billion. Through its development and construction component, NBP Capital contributes positively to the urban landscape, while controlling its development costs. As property managers and hospitality providers, NBP Capital builds community and delivers place-making experiences.
The company is based in Portland, with an office in Los Angeles. Further information is available at www.nbpcapital.com.
Source: Provenance Hotels