Provenance Hotels, Thayer Lodging Group to Acquire Hotel 1000
Monday June 23rd, 2014 - 3:55PM E
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SEATTLE—Portland, OR-based Provenance Hotels and Annapolis, MD-based Thayer Lodging Group have partnered to acquire the 120-room Hotel 1000 here.
Provenance will operate the hotel, adding it to a portfolio of owned and managed assets. This purchase marks the first joint venture between Provenance and Thayer and the third acquisition made by Thayer with their $300-million Thayer Fund VI.
Bruce Wiles, COO of Thayer, stated, “We are thrilled to announce this partnership with Provenance Hotels to acquire Seattle’s Hotel 1000. Provenance’s stellar track record in the lifestyle space, deep knowledge of the Seattle market and experience as owners makes their management approach ideally suited to our investment strategy.”
Bashar Wali, president of Provenance, said, “Given our shared vision for the future of this one-of-a-kind asset, Thayer’s consistent history of investment success and the experience they bring to the project, we couldn’t be more excited about this new venture. We are looking forward to continuing to raise the bar on the already outstanding guest experience at Hotel 1000. We are confident this is the first of many deals to come with Thayer.”
Hotel 1000 opened in June 2006 and features 9,100 sq. ft. of conference and event space, a 100-seat restaurant, spa and golf simulator.
Tags: Provenance Hotels • Thayer Lodging Group • Hotel 1000 • Hospitality • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.