PORTLAND, Ore. — Provenance Hotels, the hotel group founded by Gordon Sondland, is being acquired by an out-of-state hospitality company, the firms announced on Monday, a move that will position Sondland on the larger firm's board of directors should the deal close.
The sale to Benchmark Pyramid, which has offices in Boston, Texas, Cincinnati and London, is slated to close in the second quarter, pending lender consent. The move emerges from a turbulent pandemic for hotels, which the Portland-based hotel chain experienced, going after about $9 million in federal relief money and suffering millions in losses in the pandemic's early months.
"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," Katherine Durant, Provenance president and chief executive, said. "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."
"We are thrilled to join forces with Benchmark Pyramid, a celebrated leader in the hospitality industry with a history of success," said Sondland, who is Provenance's chairman.
Sondland previously served as President Donald Trump's ambassador to the European Union and was a key witness in Trump's first impeachment.
Read the full story at the Portland Business Journal.