Portland hotelier acquires Mayflower Park Hotel for $20 million.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Provenance Hotels recently announced a purchase of the fee simple interest in the Mayflower Park Hotel in Seattle.
The Portland hotelier paid $20 million.
Portland Business Journal writes:
In this transaction, fee simple interest means Provenance and NBP bought the property, but not the business. The Mayflower Park Hotel has been operated and managed since 1974 by independent Seattle operators Birney and Marie Dempcy, who have a lease on the property that ends in 2025.
At that time, Mayflower Hotel Owner will assume control of the hotel, with Provenance Hotels managing daily operations. Built in 1927, the Mayflower Park is located in downtown Seattle at the intersection of Olive Way and Fourth Avenue. The hotel has 160 rooms, 4,576 square feet of meeting space and two food and beverage outlets: the restaurant Andaluca and the lounge called Oliver’s.
“As our acquisition of the Roosevelt Hotel and this purchase of the Mayflower Park demonstrates, we are confident in the long term future of the Seattle market,” Founder and CEO of Provenance Hotels Gordon Sondland said in a release. “The Mayflower Park is an iconic asset and, as long-term holders of real estate, we are proud to add it to our Seattle portfolio.”
In the same release, Bashar Wali, Principal and President of Provenance said: “Our partners at NBP Capital, with their investment acumen and strategic foresight, have been instrumental in bringing these deals to fruition. We see the potential of the Mayflower Park, the Roosevelt Hotel and the Woodlark and Cornelius buildings and are excited to deepen our partnership in pursuit of that vision.”
The Mayflower Park was constructed in 1927 and can be found at the intersection of Olive Way and 4th Avenue in downtown Seattle. It has 160 rooms, 4,576 square feet of meeting space and a restaurant and a lounge.
