Provenance Hotels has partnered with NBP Capital to purchase the Roosevelt Hotel in Seattle from North Coast Washington, LLC. Plans are in place 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 at the intersection of 7th Avenue and Pine Street in downtown Seattle, across the street 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, Oregon and intent to launch an adaptive reuse project that will renovate the properties.
“Sentinel, which we opened last year, has become Portland’s living room – a place where locals and visitors gather and mingle. We aim to create the same experience at the Roosevelt,” says Bashar Wali, principal and president of Provenance Hotels. “Our first order of business is to bring a restaurant to the space that the city can be proud of—much like we did around the corner with Miller’s Guild at Hotel Max. As with all our hotels, we also plan to incorporate an art component and curate local products to make the Roosevelt truly a Provenance experience that channels the best Seattle has to offer.”
When completed, the project will join Hotel Max and Hotel 1000 as Provenance Hotels’ third owned and operated hotel in Seattle. Provenance Hotels is slated to open the Old No. 77 Hotel & Chandlery New Orleans in spring 2015 and is developing a hotel in the Woodlark and Cornelius buildings in Portland with NBP Capital.
