Old No. 77 Hotel & Chandlery Sells To Portland Investment Fund

by • June 3, 2016 • Central Business District, Hotel & HospitalityComments (0)1630

Image via Ambassadorneworleans.com.

Image via Ambassadorneworleans.com.

The recently opened Old No. 77 Hotel & Chandlery was just acquired by Provenance Hotel Partners Fund I, based in Portland, Oregon.

The seller was New York-based GB Lodging and Woodbine Development Corporation of Dallas. The purchase price was not disclosed.

“We are thrilled to have acquired an outstanding asset in a great long-term market,” said Gordon Sondland, chairman of PHPF I.

“The Old No. 77 Hotel & Chandlery and Compère Lapin (restaurant) have already become part of the fabric of the New Orleans community and we are looking forward to continuing to build on that success and invest in the relationships we have forged in the region,” said Bashar Wali, president of Provenance Hotels.

The sellers opened the 167-room Old No. 77 Hotel & Chandlery in August after a $15 million renovation. The hotel was formerly the Ambassador Hotel, which the sellers bought in August 2013 for $15.85 million, according to Orleans Parish records.

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