Pyramid Hotel Group Improves Full-Service and Select-Service Hotel Management Portfolios with Acquisitions and $50 Million-Plus in Property Improvements
Adds Thirteen Properties, Receives Hyatt’s Franchise Hotel of the Year Award
BOSTON, MA, October 7, 2013–Officials of Pyramid Hotel Group, one of the nation’s largest independent hotel management companies, today announced it has added thirteen hotels, a combination of full- and select-service properties, to its portfolio throughout the continental United States through the first nine months of 2013. Additionally, the company is continuing its robust project management project work, with more than $50 million in renovations/upgrades completed or underway this year.
The nine, full-service properties add more than 2,690 rooms to Pyramid’s management portfolio. The hotels are owned by five, separate investment groups and spread across new and old markets for the company. “These nine properties reflect the range of our full-service hotel management expertise, from urban and suburban properties with significant meeting space and food and beverage operations to resort-style hotels, as well as both branded and independent properties,” said Warren Fields, chief investment officer.
Fields added that Pyramid expects to see more large hotels changing hands as the hotel economy continues to improve and financing becomes more readily available. “There is a pent-up demand by a number of institutional investors to acquire major assets in this phase of the cycle.”
Also, Pyramid added four, select-service hotels totaling 590 rooms throughout the United States since the beginning of 2013. “Three of the properties are an expansion of an on-going relationship with one of our portfolio investors,” Fields commented. “We are gratified by their continued confidence in our ability to deliver exceptional service to guests and build a superior bottom line. The fourth hotel is proximate to Fenway Park – home of the Boston Red Sox – and while it will receive the same attention to detail as all of our managed hotels, it is a source of a great pride to operate a hotel in the shadow of the greatest, classic baseball park in the world and in our hometown.”
Commenting about Pyramid’s continued work executing over $50 million in project management and renovations, Fields noted, “This is an encouraging increase in the number of projects we managed last year, and we expect an upward trend with four to five additional projects in the planning stage both for hotels we manage and asset manage”.
Additionally, Pyramid recently received the coveted “Hyatt Franchise Hotel of the Year Award” for the 470-room Hyatt Regency Schaumburg, Chicago. Fields stated, “This award rounds out our brand trophy case. Pyramid now has received a top award from all five of the major, full-service brand groups and brings the total honors awarded to Pyramid to 24 in the past 10 years. This recognition is especially humbling because only a small handful of elite operators may operate a Hyatt hotel, making competition for this award particularly intense.”
About Pyramid Hotel Group
Pyramid Hotel Group is a privately held, Boston-based hotel company with 60 hotels and resorts under hotel management and asset management, comprising more than 22,000-plus rooms and approximately 8,900 employees. Pyramid Hotel Group, ranked among the largest U.S. hotel management company by independent sources, provides hotel management, asset management and project management services to a broad array of hotel assets ranging from a 90-room select-service hotel to world-class properties with more than 1,000 rooms. Pyramid Hotel Group is a franchisee of all major hotel brand companies and an operator of independent four- and five-star hotels and resorts. Additional information is available at www.pyramidhotelgroup.com.