The Old No. 77 Hotel & Chandlery on Tchoupitoulas Street, a 167-room boutique operation that also is home to Chef Nina Compton’s flagship Compère Lapin restaurant, has a new owner after Boston-based Benchmark Pyramid Hotels bought Provenance Hotels.
Provenance, which is based in Portland, had bought the hotel formerly known as The Ambassador in 2013 after it had gone into bankruptcy under former owner Warren Reuther.
The Old No. 77 Hotel & Chandlery, previously known as The Ambassador Hotel in the Warehouse District, underwent a $14 million makeover after it was bought by Provenance Hotels in 2013.
The hotel re-emerged in 2015 after a $14 million makeover with a new name that evoked the building’s old address and its 19th century origins as a storehouse for various commodities. As well as Compère Lapin, Compton, who was a “fan favorite” and finalist in Top Chef New Orleans, also has a Tout La coffee and pastry shop in the hotel.
The new owner of Provenance Hotels is itself the product of a merger last September between Benchmark Global Hospitality and Pyramid Hotel Group, as the consolidation in the lodging industry continues apace.
Consolidating boutiques
The acquisition of Provenance adds 12 hotels to the combined group, bringing its total number of properties in the U.S., Europe, and the Caribbean to 252. Benchmark Pyramid’s annual revenue before the latest buy was about $3 billion.
Benchmark Pyramid is backed by Miami-based real estate investment firm Gencom and private equity investor TZP Group, which is headquartered in New York City.
Provenance adds to the group nine hotels in the Pacific Northwest: Hotel Max and Hotel Theodore in Seattle, and the Murano in Tacoma, Washington. In Portland, it owns the Hotel Deluxe, the Woodlark, the Sentinel in the West End, Hotel Lucia, Heathman Hotel and the Dossier. It also has the Preston in Nashville and the Bradley in Fort Wayne, Indiana, as well as the Old No. 77.
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