150 more hotel rooms on their way to downtown Portland
Another 150 hotel rooms are on their way to downtown Portland via a $30 million renovation of two historic buildings.
NBP Capital, a privately held Portland-based investment real estate fund, and Provenance Hotels, a hotel owner and management company based in Portland, have partnered to purchase two adjacent historic buildings in downtown with plans for a $30 million renovation that will create a 150-room lifestyle hotel.
There will also be space for two food and beverage outlets. The two buildings are the 1912 Woodlark Building and the former Cornelius Hotel, which was built in 1908.
NBP Capital is the majority partner in project. Arthur Mutal, a development company based in Portland, has invested alongside NBP and Provenance Hotels. Provenance Hotels will manage the hotel when it opens in 2016.
The adaptive reuse project will connect the Woodlark Building with the former Cornelius Hotel. The partners are exploring options for restaurant and bar partners by tapping into Provenance Hotels’ existing network in Portland and beyond. The purchase of the properties, which are both listed on the National Register of Historic Places, is the first joint acquisition by NBP Capital and Provenance Hotels.