History

The Principals and Senior Managers of Pyramid have worked together for more than 30 years. Founded in 1999, Pyramid Hotel Group has quickly grown to be one of the leading hotel and resort management companies in the United States.

1983 Current Pyramid Hotel Group Senior Management forms Beacon Hospitality Group
1986 Purchased Guest Quarters Suite Hotels and grew to 40 hotels
1987 Acquired Pickett Hotels
1993 Acquired Doubletree Hotels; acquired RFS Hotel Management; grew to 250 hotels
1994 Executed IPO for Doubletree Hotels Corporation; 16 quarters of consecutive growth; achieved IRR of approximately 40%
1996 Acquired Red Lion Hotels for over $1.2 billion – 52 hotels
1998 Acquired Harrison Conference Centers & Merged with Promus Hotel Corporation; combined portfolio of 1,250 managed and franchised hotels; sold company to Hilton
1999 Formed Pyramid Hotel Group (PHG); developed 3 Residence Inns for approximately $100 million; asset manager for $800 million in hotel properties
2001 Formed Pyramid Project Management; completed $750M in renovation projects
2003 PHG forms and invests first fund with 9 hotels and 3,485 rooms at closing. PHG is engaged as asset manager for repositioning and $35 million expansion of the Washington Duke Inn and Golf Club
2005 PHG invests in second fund with 15 hotels and 3,989 rooms at closing
2006 PHG invests in third fund with 14 hotels and 4,613 rooms at closing
2007 PHG and Morgan Stanley acquire CNL Hotels and Resorts; acquisition included the divestiture of 51 hotels and ownership/asset management of 8 world-class resorts
2008 Boston Harbor Hotel achieves a 5-star Mobil Travel Guide rating through the efforts of PHG management
2009 Pyramid provides services to special servicers and lenders in multiple engagements
2010 Added 19 properties to our Management portfolio since Jan 2010. Performed 24 assignments for Special Servicers and Lenders, encompassing 160 hotels and more than 28,000 rooms & expanded outside the continental US into Hawaii
2011 Grew internationally with the addition of the Westin Casaurina Resort & Spa in Grand Cayman. Launched Pyramid’s Resort Operations Division to manage our portfolio of resort properties
2015 Pyramid establishes a presence in Europe with three hotels in Ireland and England At the end of the year, Pyramid owns, manages and/or asset manages a portfolio of 78 hotels in the United States, Caribbean, Ireland, and the United Kingdom