Provenance Motels these days introduced the strategic sale of its minority pursuits within the Woodlark Lodge to majority shareholder NBP Capital, a vertically built-in business actual property funding platform. In reference to the transaction, NBP has additionally obtained the control rights to the Lodge. Phrases of the deal weren’t disclosed.
The Woodlark Lodge is subtle 151-room resort housed inside of two ancient constructions introduced in combination as one within the center of downtown Portland. The Woodlark makes use of Portland’s setting and reinterprets them in a contemporary manner, balancing subtle good looks with wealthy substance, nuance, and soul. The Lodge’s fresh accolades come with Conde Nast Traveler 2020 Reader’s Selection Award, TIME International’s Largest Puts 2019, Fodor’s Highest Motels in america 2019, Forbes’ Highest Motels in Portland, and Indie Congress’ Maximum Leading edge Lodge Design.
“It is a strategic industry transfer by means of NBP to obtain control rights to the Woodlark, along side the remainder passion within the Lodge that we didn’t up to now personal,” mentioned Lauren Noecker Robert, Co-founder and Leader Government Officer of NBP. “Provenance has been a really perfect spouse, and we sit up for proceeding to paintings with them at the two different hospitality property we personal in combination in Seattle.”
“This mutually beneficially transaction introduced a superb opportunity to monetize considered one of Provenance’s minority pursuits,” mentioned Katy Durant, President and Leader Government Officer of Provenance. “We’re happy to have closed this transaction with NBP and can proceed to paintings with them on two different tasks in Seattle.”
