SEATTLE—Provenance Hotels has partnered with NBP Capital, a privately held investment real estate fund, to purchase the Roosevelt Hotel here from North Coast Washington, LLC, which, in partnership with Provenance Hotels, had owned the property since 1985.
The property will continue to be affiliated with Coast Hotels for the next 60 days until Provenance Hotels assumes management. Provenance Hotels and NBP Capital are both headquartered in Portland, OR. and equal partners in the acquisition. They plan to install a marquee restaurant tenant and bring the hotel property back to its original prominence.
Opened in 1930, the 151-room Roosevelt Hotel is located at the intersection of 7th Ave. and Pine St., across from the Washington State Convention Center.
The acquisition of the Roosevelt Hotel is the second joint acquisition for NBP Capital and Provenance Hotels in two weeks. Earlier this month, they announced their purchase of the historic Woodlark and Cornelius buildings in downtown Portland, and their intent to launch an adaptive-reuse project that will renovate the properties into a 150-room hotel.
Provenance Hotels also is slated to open the Old No. 77 Hotel & Chandlery New Orleans in the spring.