PORTLAND, Ore.–Provenance Hotels (“Provenance”), an owner and operator of boutique hotels, today announced the strategic sale of its minority interests in the Woodlark Hotel (the “Woodlark” or the “Hotel”) to majority shareholder NBP Capital (“NBP”), a vertically integrated commercial real estate investment platform. In connection with the transaction, NBP has also acquired the management rights to the Hotel. Terms of the deal were not disclosed.
The Woodlark Hotel is sophisticated 151-room hotel housed within two historic structures brought together as one in the heart of downtown Portland. The Woodlark utilizes Portland’s surroundings and reinterprets them in a fresh way, balancing sophisticated beauty with rich substance, nuance, and soul. The Hotel’s recent accolades include Conde Nast Traveler 2020 Reader’s Choice Award, TIME World’s Greatest Places 2019, Fodor’s Best Hotels in the USA 2019, Forbes’ Best Hotels in Portland, and Indie Congress’ Most Innovative Hotel Design.
“This is a strategic business move by NBP to acquire management rights to the Woodlark, along with the remaining interest in the Hotel that we did not previously own,” said Lauren Noecker Robert, Co-founder and Chief Executive Officer of NBP. “Provenance has been a great partner, and we look forward to continuing to work with them on the two other hospitality assets we own together in Seattle.”
“This mutually beneficially transaction presented a great opportunity to monetize one of Provenance’s minority interests,” said Katy Durant, President and Chief Executive Officer of Provenance. “We are pleased to have closed this transaction with NBP and will continue to work with them on two other projects in Seattle.”
