GB Lodging and Provenance Hotels team up to buy New Orleans hotel

US: GB Lodging and and Provenance Hotels have partnered to purchase the 165-room Ambassador Hotel in New Orleans.

GB Lodging is a New York-based hotel investment, development and asset management firm, while Provenance Hotels is a hotel owner, operator and management company based in Portland, Oregon. Both companies have “significant equity commitments to the project and will collaborate on a renovation of the hotel that will embrace the Ambassador’s one-of-a-kind location in a former 19th century coffee warehouse and celebrate the soul of New Orleans”.

The Ambassador Hotel is close to New Orleans’ Arts District, and within within easy walking distance of the French Quarter and the New Orleans Morial Convention Center. The purchase of the property, for an undisclosed price, is the first joint acquisition by GB Lodging and Provenance Hotels. The Ambassador becomes the fifth hotel in GB Lodging’s portfolio and will be the seventh hotel under Provenance’s management.

Bruce Blum, president and co-founder of GB Lodging, said: “With its deep independent experience and strong track record in the lifestyle space, we’re delighted to partner with Provenance Hotels, an operator who is uniquely suited to offer an intensely local experience at this terrific location. We are eager to become part of New Orleans’ renaissance and anticipate the renovation’s completion in the fall of 2014.”

Bashar Wali, president of Provenance Hotels, said: “Partnering with GB Lodging is a natural given our shared vision for this historic property. With their history of repositioning success in the lifestyle space and the resources that they will bring to bear on this project, we’re excited to create the Big Easy’s next great hotel destination.”

www.provenancehotels.com

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