Performs Consulting and Receivership Services for 23,000 Rooms in 2010
BOSTON, January 21, 2011—Officials of Pyramid Hotel Group, a Boston-based hotel management, asset management and project management firm, today announced that the company added 11 hotels and resorts aggregating more than 3,300 rooms to its managed and asset managed portfolio in 2010. These ranged from city center commercial hotels to large destination resorts in multiple markets across the U.S.
In addition, Pyramid Hotel Group provided receivership services and its highly regarded “Comprehensive Asset Performance Study” (CAPS) for a significant number of hotels and resorts representing over 23,000 rooms during 2010. These properties were located in such diverse markets as Ft. Lauderdale, Las Vegas, and San Diego and ranged from four-star hotels and destination resorts to limited-service properties.
“We enjoy very close relationships with a sizable number of lenders and investment groups,” said John Hamilton, senior vice president-business development for Pyramid Hotel Group. “The market today is coming out of a down cycle. Clients who may be restructuring or considering their alternatives look to Pyramid to help them get a better sense of the value of their assets and, most importantly, get our studied view of how the asset may perform in the near future. The diversity of the collection of hotels we’ve worked on speaks to Pyramid’s uncommon depth and breadth of experiences of our professional staff.”
“Our goal with any management or asset management assignment is to immediately create value for the owner accomplished by implementing a series of revenue enhancement opportunities and diligent expense management,” said Jim Dina, chief operating officer for Pyramid. “Pyramid brings extensive sales and marketing expertise, highly effective revenue management practices and the ability to benchmark performance across multiple brands and independent properties. When the opportunity exists, we also provide owners with a highly creative project management team and purchasing services, creating a platform for executing renovations and strategic repositionings to enhance the property’s value and performance.”
Pyramid Hotel Group is a privately held Boston, Mass.-based hotel company with 62 hotels and resorts under management and asset management comprising over 24,000 rooms and 7,000 employees. Pyramid Hotel Group provides hotel management, asset management and project management to a vast array of hotel assets ranging from a 90-room limited service hotel to world class resorts with over 1,000 rooms. Pyramid Hotel Group is a franchisee of all major brand companies, as well as an operator of independent four- and five-star properties.