Provenance Hotels Continues Expansion in Pacific Northwest
- Feb 18, 2015
Provenance Hotels and NBP Capital have teamed to acquire the Roosevelt Hotel, a historic 151-key hotel in Seattle, from North Coast Washington, L.L.C., with plans to bring the property back to its original prominence.
Provenance Hotels had owned a part of the property since 1985. The property will continue to be affiliated with Coast Hotels over the next two months, but then Provenance Hotels assumes management of the property.
“The Roosevelt Hotel is a Seattle landmark, ideally situated in a marquee location in the nexus of Seattle’s tourism, business, retail and convention demand drivers,” Bashar Wali, Provenance Hotels’ president, told Commercial Property Executive. “Opened in 1930, it boasts Art Deco architecture and an abundance of charm. They literally do not make them like this anymore.”
The restaurant in the hotel has been vacant for some time so Provenance Hotels’ first order of business will be finding the right restaurant tenant.
“It’s an incredible location on Pine Street and a great space,” Wali added. “We are looking for a partner who can reactivate that corner and offer visitors and residents something unique, exciting and noteworthy.”
The Roosevelt is across the street from the Washington Convention Center, just a few blocks from Pike Place Market, in the heart of the retail core, just steps from the financial district and on the cusp of new construction in the Denny Triangle.
With all the new construction spurred by the Amazon expansion, downtown Seattle is experiencing an influx of business travelers and new residents. Therefore, according to Wali, demand for hotel rooms is increasing and because Seattle is a high-barrier-to-entry market, the time was right to act now and lock down more of the existing supply.
“We’ve long been a presence in the Seattle market with our successful Hotel Max and last summer’s acquisition of Hotel 1000,” he concluded. “The Roosevelt in fact has been owned in part by us for the last 30 years. Since we specialize in returning historic hotels to their prime, we knew that we could maximize what this property has to offer and truly help it shine.”
Provenance Hotels portfolio of hotels in the Pacific Northwest has expanded of late. Earlier this month it partnered with NBP Capital to acquire the Woodlark and Cornelius buildings in Portland, Ore. Last summer, it entered a joint venture with Thayer Lodging Group to acquire the 120-key Hotel 1000 in downtown Seattle.
The company also owns and manages Portland’s Hotel Lucia, Hotel deLuxe and Sentinel as well as Hotel Murano in Tacoma, Wash. and Hotel Preston in Nashville.