Gencom and Corten Real Estate Affiliates Close on Venture with Provenance Hotels

Affiliates of Gencom and Corten closed on a strategic venture with Provenance Hotels. Under the venture, a Gencom-led partnership has acquired a 50% ownership stake in eight hotels across the United States, expanding the Miami-based firm’s portfolio by more than 1,400 rooms and suites. In a related transaction, Gencom affiliate Pyramid Global Hospitality has acquired the Provenance Hotels operating company and will add 12 full-service hotels to its national network of managed properties.

The venture between Gencom and Provenance represents the first transaction between these firms. It’s also the first time Gencom has partnered with Corten on a multi-asset deal