Landmark hotel in downtown Tacoma under new ownership following multi-layer deal

Two recently completed transactions involving Provenance Hotels, whose boutique properties include the Hotel Murano in Tacoma, mean new ownership or operational arrangements at 12 properties across the country.

A media representative for new owners in the real-estate portion of the deal indicated the transition isn’t bringing any changes customers will notice.

This month, Pyramid Global Hospitality announced completion of its acquisition of the operating division of Provenance Hotels. Acquisition plans first were announced in April.

“The transaction adds 12 full-service, independent hotels to Pyramid’s national network of managed properties,” Pyramid said. “Pyramid’s portfolio of managed properties will grow by 1,952 rooms and suites.”

Hotel Murano is among those 12 properties.

The others are The Dossier, The Sentinel, Hotel Lucia, Hotel Deluxe, Heathman Hotel and Woodlark Hotel, all in Portland, Oregon; Old No. 77 Hotel & Chandlery in New Orleans; Hotel Max and Hotel Theodore in Seattle; Hotel Preston in Nashville and The Bradley in Fort Wayne, Indiana.

Katherine Durant, president and CEO of Provenance, said in the release, “We are excited to bring in Pyramid for the management of these properties and are confident the partnership will bring both expanded opportunities for our team members and even greater resources for our guests.”

Ownership of eight properties, including Hotel Murano, also changed in a separate but related transaction.

That deal involves affiliates of Miami-based Gencom, an international owner and developer of hospitality and residential properties, and Corten, a Mid-Atlantic based private real estate investment fund manager, and Provenance.

A Gencom-led partnership acquired a 50 percent ownership stake in eight Provenance hotels, splitting the ownership with Provenance. Tacoma’s Hotel Murano is among the eight.

The others are The Dossier, The Sentinel, Hotel Lucia and Hotel Deluxe in Portland; Old No. 77 Hotel & Chandlery in New Orleans; Hotel Max in Seattle and Hotel Preston in Nashville.

Yudi Fernandez, a media representative for Gencom, told The News Tribune via email this week, “The main change is that the real estate changes hands. This means, the existing Provenance owner has 50 percent and the new venture of Gencom and Corten now own the other 50 percent of Hotel Murano and the other seven hotels that are part of the portfolio, including Hotel Max in Seattle.”

Fernandez added, “This will not equate to any changes that hotel guests will notice.”

The four hotels included in the operations deal but not the real estate transaction are owned by third parties.

Sondland back into hotels after time in D.C.

Provenance Hotels founder, chairman and former U.S. ambassador Gordon Sondland remains connected to the Provenance properties.

Earlier this year, it was announced he would jointly lead GenPro, a “special purpose hospitality venture” created with Miami-based Gencom founder Karim Alibhai.

In a statement Friday, Sondland, who started his hotel career in 1985 with his first hotel in Seattle, said he looked forward to exploring expansion opportunities via Gencom and Corten.

Sondland said he planned to “leverage the knowledge of the European market I gleaned during my time U.S. Ambassador to the European Union.”

“We are excited about the opportunities this venture provides to our team members and guests, and we will be evaluating capital improvements to properties of the fund,” he said. “The Provenance management team will remain actively involved in the business, and we look forward to working with Gencom and Corten as we explore new areas for growth, both domestically and internationally.”

Sondland became ambassador in 2018. Before that, he donated $1 million via four LLCs to former President Donald Trump’s inaugural committee.

Sondland in 2019 became a key figure in the impeachment investigation into Trump’s dealings with Ukraine during Sondland’s time as U.S. ambassador to the European Union.

In 2020, he and another impeachment witness, Lt. Col. Alexander Vindman, the top Ukraine expert at the National Security Council, were fired by Trump after the impeachment trial and Senate acquittal.

Sondland is a native of Washington state. He divorced from Provenance CEO Durant in 2021 and moved to Florida this year.

In October, Sondland’s book about his time on the world stage: “The Envoy: Mastering the Art of Diplomacy with Trump and the World,” was released.

In that book, a sample of which is on Amazon, he writes, “I’m not embarrassed to say I was able to get the President’s attention with a $1 million donation.”

He writes that over time he realized “that working with Trump was like staying at an all inclusive resort. You’re thrilled when you first arrive, but things start to go downhill fast.”