Ownership of the Lodge Murano in Tacoma will adjust to Benchmark Pyramid at the close of a offer announced this 7 days.
File photo/The News Tribune
A recently introduced resort-brand name buyout suggests new possession is coming for a landmark Tacoma hotel.
Benchmark Pyramid, with offices in Boston, London, Cincinnati and The Woodlands, Texas, declared this week its prepared acquisition of Portland-primarily based Provenance Motels.
The offer is established to close 2nd quarter 2022, in accordance to a Benchmark Pyramid release.
Terms of the offer were being not disclosed.
The acquisition will add 12 lodge attributes, which include Resort Murano in Tacoma, to Benchmark Pyramid’s portfolio of extra than 240 properties in the United States, Caribbean and Europe.
In addition to the Lodge Murano, the qualities involve downtown Seattle’s Lodge Max and Resort Theodore and 6 downtown Portland lodges: Hotel Deluxe, Woodlark, Sentinel, Lodge Lucia, Heathman Lodge and File.
Other homes in the offer include Previous No. 77 Lodge & Chandlery in New Orleans Resort Preston in Nashville and The Bradley in Fort Wayne, Indiana.
“We couldn’t be extra thrilled to welcome the Provenance relatives into Benchmark Pyramid’s storied portfolio,” reported Warren Fields, Benchmark Pyramid’s main govt officer.
Katherine Durant, president and CEO of Provenance, mentioned in a statement, “This transaction is an interesting step forward for Provenance, our personnel and our visitors. As component of Benchmark Pyramid, Provenance personnel will acquire obtain to even greater employment chances, and our guests will benefit from the methods of a more substantial corporation with a global portfolio of qualities.”
Integrated in phrases of the deal, Provenance’s founder and chairman, Gordon Sondland, will sign up for the board of directors of Benchmark Pyramid.
“Together, we have good possibilities for progress, and I glimpse ahead to remaining engaged with the organization and its globe-course management staff as a member of the put together company’s board,” Sondland stated in a statement.
Sondland designed headlines in 2019 as a critical figure in the impeachment investigation into previous President Donald Trump’s dealings with Ukraine during Sondland’s time as U.S. ambassador to the European Union.
Provenance, the company Sondland founded, also has confronted difficult situations amid the pandemic, with various web pages which includes Lodge Murano turning out to be non-operational for a time.
In accordance to Benchmark Pyramid, the transaction “is completely ready to close on lender consent, which all events assume to be forthcoming speedily.”
Benchmark Pyramid was fashioned in a 2021 merger of Benchmark International Hospitality and Pyramid Resort Team.
This story was at first printed April 19, 2022 12:07 PM.
Debbie Cockrell has been with The Information Tribune considering the fact that 2009. She stories on company and enhancement, nearby and regional problems.