Pyramid Hotel Group Creates Pyramid Resort Group To Move More Aggressively Into Resort Management Business Segment

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Pyramid Hotel Group Creates Pyramid Resort Group To Move More Aggressively Into Resort Management Business Segment

INDUSTRY VETERAN RICHARD A. HOLTZMAN JOINS AS SVP, RESORT OPERATIONS TO LEAD THIS NEW INITIATIVE

BOSTON – (June 2, 2011) —Pyramid Hotel Group, a Boston‐based hotel management, asset management and project management firm, today launched a new resort division, Pyramid Resort Group. Resort industry veteran Richard A. Holtzman has joined the company to lead the new initiative as Senior Vice President, Resort Operations.

 

“We see a meaningful and timely opportunity,” states Richard Kelleher, Pyramid Chief Executive Officer. “There are many resort owners who need a new management solution with better returns and cannot rely on the rising tide to solve their problems. Resorts are inherently a complex collection of businesses. It takes a very focused skill set and deep knowledge base to create value through management.”

 

Branded and independent resorts under management and asset management already constitute a significant percentage of Pyramid’s current portfolio. The new division will have access to all of Pyramid’s infrastructure which includes sales and marketing, revenue management and e‐commerce, accounting and financial analysis, purchasing, human resources, talent acquisition, risk management, insurance and project management.

 

“Pyramid has evolved its approach to resorts with a ‘differentiate or die’ philosophy,” states Holtzman. “This approach can include developing high‐profile entertainment programming, creating a cutting‐edge restaurant or introducing uncommon features that make the resort stand apart to engage guests and increase profitability. Pyramid’s culture reflects our unshakable belief that our interests and the owners’ interests are totally aligned and uncompromised. Our single‐minded commitment is to profitability and value enhancement. At the top line we do that by focusing on ‘RevPG,’ or Revenue per Guest. This concentration is a very deep dive into the yield management process which allows us to create the most profitable business mix.”

 

As Senior Vice President, Resorts, Holtzman brings more than 30 years of resort experience to the new division. Prior to joining Pyramid, Holtzman was vice president of DMB, an Arizona‐ based real estate company, where he had both management and asset management responsibilities. This included serving as president of the Kukui’ula Development Company, a new resort residential community on the Island of Kauai. He previously was president of Grand Bay Hotels and Resorts, which evolved from Carefree Resorts as the luxury division of Wyndham International, where he directed the management of such resorts as The Boulders Resort in Carefree, Ariz. and Carmel Valley Ranch in Carmel, Calif., and oversaw management and programming for the Golden Door Spas.

 

“Dick will be leading an extremely experienced and talented team with expertise in the full spectrum of resort amenities and locations, from desert to mountain and urban to island,” Kelleher added. “We currently have nearly 5,000 rooms in our resort portfolio and will be seeking additional resort management and asset management assignments. We also have the potential to co‐invest in situations we deem appropriate.”

Contact Richard A. Holtzman at: rholtzman@pyramidhotelgroup.com.

 

About Pyramid Hotel Group
Pyramid Hotel Group is a privately held Boston ‐based hotel company with 65 hotels and resorts under hotel management and asset management, comprising over 25,000 rooms with approximately 7,600 employees. Pyramid Hotel Group provides hotel management, asset management and project management services 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 hotel brand companies, an operator of independent four‐ and five‐star hotels and resorts, and is the fifth largest hotel management company as ranked by Hotel Business magazine. For more information, please visit www.pyramidhotelgroup.com.

 

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Aubrey McGovern
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