Gencom, a Miami-based international owner and developer of hospitality and residential properties, recently partnered with Corten, a private real estate investment fund manager, to purchase a 50% ownership in eight hotels from Provenance Hotels, an independent owner of boutique hotels across the U.S.
Along with the acquisition of the Dossier, Sentinel, Hotel Lucia and Hotel Deluxe in Portland, Oregon; Old No. 77 Hotel & Chandlery in New Orleans; Hotel Max and Hotel Murano in Seattle; and Hotel Preston in Nashville, Gencom affiliate Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe, has acquired the Provenance Hotels operating company and will add 12 full-service hotels to its national network of managed properties.
“Gencom’s venture with Provenance is a textbook example of our approach in identifying an opportunity and executing a creative investment strategy that complements our existing holdings,” Alessandro Colantonio says, Gencom’s Chief Investment Officer. “Gencom took a calculated risk entering this transaction during the height of the pandemic. While many were skeptical about the future of hospitality, we saw value in the Provenance portfolio’s real estate assets and believed these destinations would bounce back stronger. Today, Nashville, Seattle and New Orleans are among the top-performing hotel markets in the U.S.”
