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April 13, 2015

Dempcys will operate Mayflower until 2025

Mayflower Hotel Owner LLC, an affiliate of Provenance Hotels and NBP Capital, has acquired a fee simple interest in the Mayflower Park Hotel property from Temple De Hirsch Sinai. Public records show the transaction was valued at $20 million.

A statement issued today by Provenance Hotels said the 160-room hotel at 405 Olive Way will be operated by Birney and Marie Dempcy, who have managed it since 1974 and have a lease that runs until 2025.

Mayflower Hotel Owner will assume control in 2025, with Provenance Hotels as the manager.

The 12-story hotel was built in 1927 and is listed as one of the National Trust for Historic Preservation’s Historic Hotels of America. It has 4,575 square feet of meeting space and two restaurants: Andaluca and Oliver’s Lounge.

Provenance Hotels and NBP Capital are both based in Portland. NBP Capital is a privately held investment real estate fund. The statement said this 50/50 joint venture is their second acquisition in Seattle this year. They purchased the Roosevelt Hotel at Pine and Seventh in January.

“As our acquisition of the Roosevelt Hotel and this purchase of the Mayflower Park demonstrates, we are confident in the long term future of the Seattle market,” said Gordon Sondland, founder and CEO of Provenance Hotels.

Provenance’s portfolio also includes Hotel Max and Hotel 1000 in Seattle; the Westin, Hotel Lucia, Hotel deLuxe and Sentinel in Portland; Hotel Murano in Tacoma; and Hotel Preston in Nashville. This spring Provenance plans to open the Old No. 77 Hotel & Chandlery New Orleans.




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