NBP Capital, Provenance Hotels Team to Develop New Hotel in Portland

PORTLAND, ORE. — NBP Capital and Provenance Hotels have teamed up to develop a new hotel in Downtown Portland. The duo plan to invest $30 million to renovate two adjacent historic buildings they recently purchased on the corner of SW Alder and SW Park.

The acquisition included the Woodlark Building, which was built in 1912, and the former Cornelius Hotel, built in 1908. The adaptive reuse will connect the two buildings, which have spaces for two food and beverage outlets.

Both properties are listed on the National Register of Historic Places. The new lifestyle hotel will include 150 rooms.

This is the first joint acquisition by NBP Capital and Provenance Hotels. NBP is the majority partner in the project. Developer Arthur Mutal has also invested alongside NBP and Provenance Hotels.

This is Provenance’s fifth hotel project in Portland. The company owns the Westin Portland. It also owns and manages Portland’s Hotel Lucia, Hotel deLuxe and Sentinel, as well as Hotel Max and Hotel 1000 in Seattle, and Hotel Murano in Tacoma, Wash. Provenance will also manage this hotel when it opens in 2016.

The new project will be designed by R&A Architecture & Design, Freier Architekt and MCA Architects.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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