Benchmark Pyramid has announced that it will acquire Portland, Oregon-based Provenance Hotels. Terms of the transaction were not disclosed, however, the deal will add 12 new units to Benchmark’s current portfolio of more than 240 international properties.
“We couldn’t be more thrilled to welcome the Provenance family into Benchmark Pyramid’s storied portfolio,” says Benchmark CEO Warren Fields. “The decades of highly successful management from the Provenance team is something we look forward to building upon as we continue to create the most owner-focused, experiential company in the industry.”
“This transaction is an exciting step forward for Provenance, our employees, and our guests. As part of Benchmark Pyramid, Provenance employees will gain access to even greater employment opportunities, and our guests will benefit from the resources of a larger organization with a global portfolio of properties,” Provenance president and CEO Katherine Durant says. “We are confident that Benchmark Pyramid shares our employee-oriented culture and values, and we look forward to a bright future for our combined company.”
Provenance founder and chairman Gordon Sondland adds: “Together, we have great opportunities for growth, and I look forward to remaining engaged with the company and its world-class management team as a member of the combined company’s board.”
The deal is expected to close in the second quarter of 2022.
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