SEATTLE—Provenance Hotels, a hotel owner and operator based in Portland, OR, and Thayer Lodging Group, a privately-held hotel real estate investment company based in Maryland, have partnered to acquire the 120-room Hotel 1000 in downtown Seattle.

Provenance will operate the Forbes Four Star-rated Hotel 1000, adding it to a portfolio of owned and managed assets that includes the Forbes Four Star-rated Hotel Murano in Tacoma. With the addition of Hotel 1000, Provenance Hotels now operates two of the five Four Star rated hotels in Washington. Four Stars is the highest rating any hotels in the state have earned from Forbes Travel Guide, the publication that sets the gold standard for hospitality excellence.

The purchase of Hotel 1000 is the first joint venture between Provenance Hotels and Thayer Lodging Group and the third acquisition made by Thayer with their $300 million Thayer Fund VI. Since forming its first private equity fund more than two decades ago, Thayer has completed 44 hotel investments with a total acquisition value of approximately $2.7 billion. The firm has consistently exceeded the objectives of institutional investors by focusing on increasing market share, effectively managing channels of distribution, and making impactful changes to the hotel's offerings, services and amenities.