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US: Provenance Hotels and NBP Capital have teamed up to purchase the Roosevelt Hotel in Seattle.
US: Provenance Hotels and NBP Capital have teamed up to purchase the Roosevelt Hotel in Seattle.
They acquired the property from North Coast Washington, LLC which, in partnership with Provenance Hotels, had owned the property since 1985. It will continue to be affiliated with Coast Hotels for the next 60 days until Provenance Hotels assumes management.
Provenance and NBP are equal partners in the acquisition. They plan “to install a marquee restaurant tenant and bring the iconic hotel property back to its original prominence”.
Opened in 1930, the 151-room Roosevelt Hotel is located at the intersection of 7th Avenue and Pine Street in downtown Seattle, across the street from the Washington State Convention Center
“We’re delighted to deepen and strengthen our partnership with Provenance Hotels, an owner and operator with an unimpeachable track record in the lifestyle space and expert knowledge of the Seattle market,” said Lauren Noecker Robert, Managing Member of NBP Capital.
“With their history of savvy investment and our shared vision, partnering with NBP Capital to return the Roosevelt Hotel to its rightful place among Seattle’s top hotels is a natural. We have been and continue to be bullish on the Seattle market and we are confident we can lead the Roosevelt to success in the dynamic downtown environment,” said Gordon Sondland, Founder and CEO of Provenance Hotels.
The acquisition of the Roosevelt Hotel is the second joint acquisition for NBP Capital and Provenance Hotels in two weeks. Earlier this month, they announced their purchase of the historic Woodlark and Cornelius buildings in downtown Portland, Oregon.
nbpcapital.com
www.provenancehotels.com
