The recently opened Old No. 77 Hotel & Chandlery in New Orleans has been acquired by a real investment group’s fund affiliated with Provenance Hotels in Portland, Oregon.
Provenance already manages the hotel. The purchase price was not disclosed by Provenance Hotels Partners Fund I.
The seller was a partnership primarily comprised of affiliates of GB Lodging, a hotel investment, development and asset management firm based in New York City, and Woodbine Development Corp., a Dallas-based real estate company that focuses on hospitality investment, development and asset management.
Provenance Hotels, GB Lodging and Woodbine opened the 167-room Old No. 77 last year.
“We are thrilled to have acquired an outstanding asset in a great long-term market,” said Gordon Sondland, chairman of PHPF I.
“The Old No. 77 Hotel & Chandlery and Compère Lapin (restaurant) have already become part of the fabric of the New Orleans community and we are looking forward to continuing to build on that success and invest in the relationships we have forged in the region,” said Bashar Wali, president of Provenance Hotels.
Sondland is chairman and CEO and Wali president of Provenance Hotel Partners, which manages the $525 million Provenance Hotel Partners Fund I. The fund was created in December and invests in urban lifestyle hotels in the top 25 primary and secondary markets in the continental U.S.