GB Lodging & Provenance Hotels Purchase Ambassador
Monday August 19th, 2013 - 11:18AM EO
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NEW ORLEANS—GB Lodging, LLC, a New York-based hotel investment, development and asset management firm, and Provenance Hotels, a hotel owner, operator and management company based in Portland, OR, have partnered to purchase the Ambassador Hotel in New Orleans. Both companies have significant equity commitments to the project and will collaborate on a renovation of the hotel, which will embrace the Ambassador’s location in a former 19th-century coffee warehouse.
The purchase of the property for an undisclosed price is the first joint acquisition by GB Lodging and Provenance Hotels. With this purchase, the Ambassador becomes the fifth hotel in GB Lodging’s portfolio and, when Provenance takes over operations of the hotel post-renovation, it will be the seventh hotel under its management.
The historic 165-room Ambassador Hotel is located steps from the Arts District, the central business district and Harrah’s Casino, and is near the French Quarter and the New Orleans Morial Convention Center.
"With its deep independent experience and strong track record in the lifestyle space, we're delighted to partner with Provenance Hotels, an operator who is uniquely suited to offer an intensely local experience at this terrific location. We are eager to become part of New Orleans’ renaissance and anticipate the renovation’s completion in the fall of 2014," Bruce Blum, president and co-founder of GB Lodging, said in a statement.
“Partnering with GB Lodging is a natural given our shared vision for this historic property. With their history of repositioning success in the lifestyle space and the resources that they will bring to bear on this project, we’re excited to create the Big Easy’s next great hotel destination” stated Bashar Wali, president of Provenance Hotels.
Tags: • Hospitality • Acquisitions • Management Companies •
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