Hotel Online
News for the Hospitality Executive


advertisement


Provenance Hotels and Woodbine Development Form Partnership
to Purchase Portland's Governor Hotel


Plans Call for Update/Renovation to Transition into the Provenance Hotels Collection


PORTLAND, OR – (May 7, 2012)
– Provenance Hotels of Portland and Woodbine Development Corporation of Dallas announced their joint acquisition of The Governor Hotel in Portland from The Royal Bank of Scotland for an undisclosed purchase price. Provenance, an expert in the region’s boutique hotel market, will become operator of the hotel, effective immediately. Woodbine will serve as developer and asset manager for the partnership, which plans to update/renovate the hotel and transition it into the Provenance Hotels collection. Acquisition financing is being provided by Morgan Stanley Mortgage Capital Holdings, LLC.  Hunt Realty Investments, Inc., Woodbine’s financial partner, also is participating in the capitalization of the project.

The landmark, 100-room hotel between 10th and 11th avenue in downtown Portland features almost 23,000 square feet of function space, including a 10,000-square-foot grand ballroom, and the popular Jake’s Grill. A true Pacific Northwest architectural treasure, The Governor is listed on the National Register of Historic Places and features elegant historic aesthetics, spacious guest rooms and dramatic penthouse suites with open-air rooftop terraces.

The purchase of The Governor is the first joint endeavor for Provenance and Woodbine, the seventh property under Provenance management and the 12th hotel in Woodbine’s development/asset management project portfolio.  Both companies bring extensive experience in historic renovations to The Governor repositioning project.

“We are thrilled to partner with Woodbine to acquire this landmark property and delighted to continue to expand Provenance’s presence in our hometown,” said Bashar Wali, President of Provenance. “We see fantastic opportunities in both this asset and the overall Portland market and look forward to charting an exciting new path for The Governor.”
 
CBRE’s Chris Burdett and Matthew Behrens marketed the hotel for The Royal Bank of Scotland, and Woodbine was selected from multiple buyers in late 2011 to begin negotiations. The acquisition effort was led by Gordon Sondland, chairman and CEO of Provenance, and Dupree Scovell, who recently launched Woodbine’s West Coast investment/acquisition platform in Los Angeles.
 
“Provenance’s local market knowledge and expertise in boutique hotel renovations, combined with Woodbine’s nearly 40-year history of hospitality development and investment, have come together to create a dynamic team that can take this magnificent historic property to new levels,” Scovell said.

Sondland added: “As a Portland-grown company and long-time investor in the local community, we are delighted to collaborate with the highly skilled hospitality team at Woodbine, and together we will provide exemplary stewardship of The Governor.”

Provenance and Woodbine are assembling the repositioning/renovation team and will announce a project schedule at a later date.
 
About the Partners
 
Provenance
Founded in 1985 and headquartered in Portland, OR, Provenance specializes in financing, developing and operating independent and nationally affiliated brand hotels. The company’s portfolio includes six owned/operated properties and numerous managed assets, totaling over 2,200 rooms. Provenance can be found online at www.provenancehospitality.com.

Provenance Hotels
Since 2001, Provenance Hotels has specialized in the acquisition, redevelopment and management of award-winning urban boutique hotels with industry-leading amenities and a distinct, deeply integrated art story. Provenance Hotels can be found online at www.provenancehotels.com

Woodbine and Hunt Realty
Woodbine Development Corporation is a 39-year-old full-service real estate company focused on development, investment/acquisition and asset management opportunities across the United States. The company specializes in hotels, resorts and golf courses; multiuse land and mixed-use developments; and real estate services provided to corporations, non-profit organizations and individuals. Woodbine has been involved with more than $2 billion in commercial real estate projects, including development, ownership and/or asset management of more than 6,000 hotel rooms, 18,000 acres of land and 126 holes of championship golf. To learn more, visit www.woodbinedevelopment.com.
 
Phoenix-based Woodbine Southwest Corporation, a wholly-owned subsidiary of Woodbine Development, is best known for development, management and marketing of the 730-acre Kierland community, including The Westin Kierland Resort & Spa and widely acclaimed Kierland Commons, a 38-acre, mixed-use project with 700,000 square feet of retail, residential, restaurants/entertainment and office uses.
 
Woodbine’s financial/investment partner is Hunt Realty Investments, Inc. (“HRI”). Hunt Realty serves as the centralized real estate investment management resource for Hunt Consolidated, Inc., which is part of the Hunt family of companies directed by Ray L. Hunt. For more information, visit www.huntrealtyinvestments.com
.
Contact:

Kate Buska
Public Relations Director, Provenance
503.548-9399
kate@provenancehotels.com

Camilla Hardee
Sr. Vice President
Woodbine Development
214.855.7008
chardee@woodbinedevelopment.com


.
Receive Your Hospitality Industry Headlines via Email for Free! Subscribe Here

To Learn More About Your News Being Published on Hotel-Online Inquire Here
 
Also See: Provenance Hotels Appoints Tim Block as General Manager of the 130-room Hotel deLuxe in Portland, Oregon / January 2012

Provenance Hotels Appoints Klaudio Simic as Vice President of Operations / December 2011

Provenance Hotels Appoints Heather Munro as Director of Sales for the 163-room Hotel Max in Seattle, Washington / December 2011

Provenance Hotels Appoints Stan Kott as General Manager of the 320-room Hotel Murano in Tacoma, Washington / October 2011

Provenance Hotels Appoints Chris Bebo as General Manager of the 127-room Hotel Lucia in Portland, Oregon / October 2011

Provenance Hotels to Manage Inn At Red Hills and Farm to Fork Restaurant in Oregon's Wine Country Owned by Harvest Inn, LLC / March 2011

Bashar Wali Promoted to President of Provenance Hotels and its Portfolio of 14 Properties / June 2010

Provenance Hotels Promotes Howard Jacobs and Bashar Wali Promoted to President and Chief Operating Office and Executive Vice President and Chief Development Officer, Respectively / October 2008

Boutique Urban Hotel Owner, the Aspen Hotel Group, Changes Name to Provenance Hotels / January 2007
.

To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch

Home | Welcome | Hospitality News
| Industry Resources

Please contact Hotel.Online with your comments and suggestions.