Provenance Hotels and NBP Capital buy Seattle’s Mayflower Park Hotel

US: Provenance Hotels and NBP Capital have bought the 160-room Mayflower Park Hotel in a 50/50 joint venture.

US: Provenance Hotels and NBP Capital have bought the 160-room Mayflower Park Hotel in a 50/50 joint venture.

Mayflower Hotel Owner, LLC an affiliate of Provenance Hotels and NBP Capital, has acquired the fee simple interest in the property from Temple De Hirsch Sinai.

The Mayflower Park Hotel has been operated and managed since 1974 by independent Seattle operators Birney and Marie Dempcy who have a lease on the property that ends in 2025. At that time, Mayflower Hotel Owner will assume control of the hotel, with Provenance Hotels managing day to day operations.

The purchase is the second acquisition by the partners in Seattle in 2015, following the acquisition of the Roosevelt Hotel in January 2015 .

Built in 1927, the Mayflower Park is located in the heart of downtown Seattle at the intersection of Olive Way and 4th Avenue, near waterfront tourist attractions and the business and retail core. The hotel has 160 rooms, 4,576 square feet of meeting space, and two food and beverage outlets: Andaluca, a restaurant, and Oliver’s, a lounge.

“As our acquisition of the Roosevelt Hotel and this purchase of the Mayflower Park demonstrates, we are confident in the long term future of the Seattle market,” said Gordon Sondland, founder and CEO of Provenance Hotels. “The Mayflower Park is an iconic asset and, as long-term holders of real estate, we are proud to add it to our Seattle portfolio.”

“No one knows the Pacific Northwest hospitality market better than Provenance Hotels and, together, we are committed to seizing the opportunities that abound in the region,” said Lauren Noecker Robert, managing member of NBP Capital. “Because our investment philosophies are seamlessly aligned, we are able to act quickly and decisively to execute when those opportunities arise.”

nbpcapital.com
www.provenancehotels.com

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