Provenance Hotel Partners, the real estate investment affiliate of Provenance Hotels – Portland-based operators of lifestyle hotels, has launched Provenance Hotel Partners Fund I (PHPF I), a $525-million real estate investment fund.
PHPF I’s first acquisition was the purchase from multiple individual partnerships of seven of the nine hotels currently managed or asset managed by Provenance Hotels. The assets purchased by the fund include the Hotel Max in Seattle; Hotel Murano in Tacoma, WA; the Westin Portland, Hotel deLuxe, Hotel Lucia and Sentinel in Portland; and Hotel Preston in Nashville, TN.
Provenance Hotel Partners will deploy the balance of PHPF I capital – and additional capital yet to be raised – toward the acquisition, development and redevelopment of value-add assets for a hold of 10 years, plus extensions.
Click here for full article