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US: Provenance Hotels has acquired Woodbine Development Corporation’s 50 per cent interest in the Sentinel and now owns and controls 100 per cent of the property.
US: Provenance Hotels has acquired Woodbine Development Corporation’s 50 per cent interest in the Sentinel and now owns and controls 100 per cent of the property.
Provenance Hotels partnered with Woodbine Development Corporation, a Dallas-based real estate company to purchase the then-Governor Hotel in May 2012. Provenance Hotels assumed management of the property and, together, the two companies executed a full renovation and rebranding, introduced the Sentinel name. It reopened in March 2014.
The two companies remain partners in the soon-to-launch Old No. 77 Hotel & Chandlery, opening later this year in New Orleans.
Gordon Sondland, CEO of Provenance Hotels, said: “”It has been our great pleasure and good fortune to have worked with Woodbine on Sentinel and I congratulate them on a very successful transaction. Although they have sold their interest in Sentinel, we have built an enduring relationship that led to our joining forces again in New Orleans and is sure to result in more exciting deals.””
“T. Dupree Scovell, managing director of Woodbine Development Corporation, said: “The Sentinel transformation was a win-win for all parties involved. “Woodbine was committed to a value-add reposition strategy and the best path to execution was selling our interest to our partners at Provenance. With a strong capital base, the complementary strengths of both platforms has led to other opportunities and our goal is to identify other similar independent, lifestyle deals around the country.””
The Sentinel acquisition is the third transaction of 2015 for Provenance, which partnered with Portland-based NPB Capital to purchase Seattle”s Roosevelt Hotel and Portland”s historic Woodlark and Cornelius buildings.
www.provenancehotels.com
www.sentinelhotel.com
