Bolour Associates to Develop Beachfront Hotel
Monday July 1st, 2013 - 1:28PM EHO
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HERMOSA BEACH, CA—Bolour Associates, Inc. and Provenance Hotels have acquired a beachfront property in Hermosa Beach, California, and plan to develop a 104-room luxury hotel on the site.
Bolour Associates will serve as the developer for the project while Provenance Hotels will operate the hotel. This is the first joint endeavor for both.
Chairman and CEO of Provenance Hotels Gordon Sondland, President of Provenance Hotels Bashar Wali and Chief Executive Officer and Principal of Bolour Associates Mark Bolour led the acquisition effort.
Bolour said, “The future is bright in this city and, in our opinion, there is no better time or place to be focusing our resources and energy than right now, here in Hermosa.”
Wali, who noted Provenance Hotels was looking to expand its presence in California, said, “The project is tailor made for our destination-driven approach to design, guest service and the overall hospitality experience.”
The project is anticipated for completion in 2016.
Tags: • Hospitality • Acquisitions • Ownership • Management Companies •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.