PORTLAND, OR—NBP Capital, a privately held real estate fund, based here, and Provenance Hotels have partnered to purchase two adjacent historic buildings in downtown Portland with plans to create a 150-room lifestyle hotel.
NBP Capital is the majority partner in the project, and Arthur Mutal, a development company based in Portland, has invested alongside NBP and Provenance Hotels. In addition, Provenance Hotels will manage the hotel, which will undergo a $30-million renovation, when it opens in 2016.
“We are thrilled to partner with Provenance Hotels on a new type of hotel experience in Portland that celebrates the historic attributes of both the Cornelius and the Woodlark, and incorporates contemporary elements to create a destination not just for visitors, but for the local community alike,” stated Lauren Noecker Robert, managing member of NBP Capital.