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| Old No. 77 Hotel & Chandlery |
NEW ORLEANS—Provenance Hotels Partners Fund I (PHPF I) has acquired the Old No. 77 Hotel & Chandlery.
The seller was a partnership primarily comprised of affiliates of GB Lodging, a hotel investment, development and asset management firm based in New York City, and Woodbine Development Corporation, a Dallas-based real estate company that focuses on hospitality investment, development and asset management.
PHPF I has entered into a long-term management agreement with Provenance Hotels, a national operator of lifestyle boutique hotels based in Portland, OR, to operate the property as part of its collection of hand-crafted independent hotels.
Provenance Hotels, GB Lodging and Woodbine opened the 167-room property last year. Completed in August 2015, the hotel is home to Compère Lapin, helmed by Chef Nina Compton.
“We are thrilled to have acquired an outstanding asset in a great long-term market,” said Gordon Sondland, chairman of PHPF I. “I thank both GB and Woodbine for their invaluable contributions to the creation of the Old No. 77 Hotel & Chandlery and congratulate them on a very successful transaction.”
“The Old No. 77 Hotel & Chandlery and Compère Lapin have already become part of the fabric of the New Orleans community and we are looking forward to continuing to build on that success and invest in the relationships we have forged in the region,” added Bashar Wali, president of Provenance Hotels.
“Our success in renovating and repositioning the Old No. 77 Hotel & Chandlery wouldn’t have been possible without the partnership we enjoyed with the Woodbine and Provenance teams,” said Bruce Blum, president and co-founder of GB Lodging. “Through dedication to our shared vision and strategic deployment of capital renovating this asset, we were able to deliver a win for all involved.”
“Like our previous collaboration with Provenance on the Sentinel hotel in Portland, this investment was a home run,” added T. Dupree Scovell, managing director of Woodbine Development Corporation. “In this transaction, we had the added good fortune to get to work with GB Lodging and, together, execute on our value-added reposition strategy and structure an outcome benefiting all parties.”
Signing the Old No. 77 Hotel & Chandlery comes on the heels of Provenance Hotels’ announcement in March that it will open the Hotel Theodore in Seattle in the fall. Provenance Hotels and its partner on the Hotel Theodore, NBP Capital of Portland, OR, are also developing a hotel in their shared hometown. In addition, Provenance Hotels is developing a luxury beachfront hotel on the sand in Hermosa Beach, CA, with Bolour and Associates of Beverly Hills.
