Sunday, December 25, 2022

Pyramid Global Hospitality Closes Acquisition of Provenance Hotels’ Operating Division

 

 

Katherine Durant

BOSTON, MA and PORTLAND, OR —Pyramid Global Hospitality  has closed the acquisition of the operating division of Provenance Hotels, an independent owner of boutique hotels.  


The transaction adds 12 full-service, independent hotels to Pyramid’s national network of managed properties. 


In a related transaction, Gencom, an international owner and developer of hospitality and residential properties, acquired a 50% ownership stake in eight Provenance hotels. 

 

“The addition of the Provenance portfolio places Pyramid in multiple, new markets, particularly in the Pacific Northwest, an area we long have sought to engage,” said Chris Devine, chief investment officer, Pyramid Global Hospitality.


 “We continue to have nationwide growth aspirations for our third-party hotel management portfolio and look to ride our on-going momentum into the coming year.  2022 saw the addition of 29 hotels and 5,537 rooms, and we anticipate similar growth in 2023.”

 

Chris Devine

Katherine Durant, president and CEO of Provenance, said, “We are excited to bring in Pyramid for the management of these properties and are confident the partnership will bring both expanded opportunities for our team members and even greater resources for our guests. 


"I look forward to remaining actively involved in the business and partnering with the Pyramid team on opportunities for continued growth.”

 

In total, Pyramid’s portfolio of managed properties will grow by 1,952 rooms and suites. The 12 hotels include:

 

  1. The Dossier, in Portland, Ore.
  2. The Sentinel, in Portland, Ore.
  3. Hotel Lucia in Portland, Ore.
  4. Hotel Deluxe in Portland, Ore
  5. Old No. 77 Hotel & Chandlery in New Orleans, La.
  6. Hotel Max in Seattle, Wash.
  7. Hotel Murano in Seattle, Wash.
  8. Hotel Preston in Nashville, Tenn.
  9. Hotel Theodore in Seattle, Wash.
  10. Heathman Hotel in Portland, Ore.
  11. Woodlark Hotel in Portland, Ore.
  12. The Bradley in Fort Wayne, Ind.



 CONTACT:

 

Posted by Alex at 5:49 AM 0 comments

JLL Capital Markets closes sale of the 134-bed / 45-unit 11th Street Flats student housing community near Baylor University in Waco, TX

 

Teddy Leatherman

DALLAS, TX – JLL Capital Markets has closed the sale of 11th Street Flats, a 134-bed / 45-unit student housing community adjacent to Baylor University in Waco, Texas. The price was not disclosed.

 

JLL represented the seller, Newsome Development and Investments. Waterway Family Funds acquired the asset.

 

This transaction marks the first student housing acquisition for Waterway Family Funds since Jeremy Pemberton, formerly with Waypoint Residential, joined the company in 2022.

 

Constructed in 2015, 11th Street Flats features two-, three- and four-bedroom units with nine-foot ceilings, granite countertops, private bathrooms for each bedroom, fully furnished living rooms, flat screen televisions and full-size washers and dryers. Community amenities include a fitness center, off-street parking, a study lounge, a campus view deck, and bike racks.


Stewart Hayes

The property is 100% leased by Baylor University through the Fall of 2024.

 

Situated at 1722 S 11th St., the community is located between I-35, La Salle Avenue and the south side of the university, which serves as the most attractive area for students at Baylor University while also being along the bus route.

 

The property is approximately 0.3 miles from the university, 1.9 miles from the McLane Football Stadium and 1.8 miles to the popular bars and restaurants of downtown Waco.


Scott Clifton

The University benefits from its positioning between the economically productive cities of Dallas, Houston and Austin and the significant population increase across the state of Texas.

 

The JLL Capital Markets team was led by Senior Directors Teddy Leatherman, Stewart Hayes and Scott Clifton.

 CONTACT:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 jll.com.

Posted by Alex at 5:15 AM 0 comments
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