Affiliation form Provenance Hotels and Gencom GenPro | News
PORTLAND, Oregon and MIAMI–(BUSINESS WIRE)–April 25, 2022–
Provenance Hotels (Provenance) and affiliates of Gencom, a leading national and international investment and development firm, today announced the creation of a special purpose hotel business, GenPro. As part of the venture, Provenance will contribute various hotels it owns across the United States, as well as cash, and subsidiary Gencom will contribute cash. Co-led by Provenance Founder and Chairman Gordon Sondland and Gencom Founder Karim Alibhai, the company will seek to grow through future acquisitions and/or redevelopment opportunities.
GenPro’s hotel assets will be managed by Benchmark Pyramid. Alibhai currently sits on Benchmark Pyramid’s board of directors, and Sondland will also join the board upon closing of Benchmark Pyramid’s acquisition of Provenance, which is expected in the second quarter of 2022.
Sondland said, “We are delighted to team up with Gencom and its subsidiaries, one of the nation’s leading hotel investment and development companies, to launch a large and growing hotel real estate company, GenPro. The Gencom team brings an entrepreneurial approach and attention to detail and has long been known for its work in the hospitality industry in both management platforms and ownership of hotels across all brands. With my nearly four decades of experience in the hospitality industry and the friendships I have developed during my tenure as U.S. Ambassador to the European Union, I look forward to finding opportunities for growth for GenPro, both nationally and internationally.
“We are thrilled to launch GenPro with Gordon and his team, and look forward to growing its attractive portfolio of properties through compelling organic and inorganic opportunities,” said Alibhai. “We remain optimistic about trends in the hospitality market and are confident that GenPro will deliver long-term value to its stakeholders.”
GenPro’s initial portfolio of properties includes downtown Seattle, Washington— Hotel Max; the shop Former Hotel No. 77 and Chandelier, located a few blocks from New Orleans, the French Quarter of Louisiana; newly renovated downtown Nashville, TN Hotel; the glass art collection worthy of a museum Hotel Murano in the South Strait; and four hotels in downtown Portland, Oregon: Golden Age Hollywood style Luxurious hotel in the Goose Hollow neighborhood, Sentinel in the West End, Lucia Hotel, which is listed on the National Register of Historic Places, and the art-filled halls of Case.
About Provenance Hotels
Based in Portland, Oregon, Provenance Hotels owns, develops and manages market-leading independent hotels. Steeped in intentional and deeply integrated art stories, these Conde Nast Reader’s Choice award-winning hotels feature cutting-edge amenities, creative collaborations with local co-conspirators, and innovative food and beverage operations while focusing on operational efficiency and profitability. The portfolio includes 12 properties totaling nearly 2,000 keys. The Company can be found online at www.provenancehotels.com.
Founded in 1987 by Karim Alibhai, Gencom is a leading domestic and international investment and development company specializing in the hospitality industry, with greater emphasis on the luxury mixed-use sector as well as related investments in operating platforms. Based in Miami, Gencom is fully integrated and highly diversified, with expertise in virtually every aspect of the development, acquisition, financing, asset management and sale of hotel properties. Gencom has succeeded not only in developing, buying and exiting unique assets and hotel portfolios, but also in creating, buying and developing investments in hotel platforms, in the United States, the Caribbean and Europe, including Gencom American Hospitality, Summerfield Suites, Carnival Resorts and Interstate Hotels. The successes recorded by the Gencom companies have led to important projects with leading institutional investors, leading family groups and other strategic partners, both nationally and internationally. For more information about Gencom, please visit www.gencomgrp.com.
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Sard Verbinnen & Co
Alessandro E. Colantonio
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA OREGON
KEYWORD INDUSTRY: ADVICE HOUSING DESTINATIONS CONSTRUCTION & REAL ESTATE REIT TRAVEL PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES OTHER CONSTRUCTION & REAL ESTATE OTHER TRAVEL FINANCING
SOURCE: Provenance Hotels
Copyright BusinessWire 2022.
PUBLISHED: 04/25/2022 12:00 PM / DISK: 04/25/2022 12:02 PM
Copyright BusinessWire 2022.