Pyramid Hotel Group plans to double portfolio over next three to five years
Pyramid Hotel Group has completed its 25th hotel portfolio addition since June 2020. The company is in the midst of an ongoing surge of new business including multiple management agreements, acquisitions and receivership assignments, with an additional 20 hotels in its immediate pipeline. The company currently is on track to double its portfolio over the next three to five years.
“Coming out of the most devastating period the hospitality industry has ever faced, Pyramid remains focused on delivering superior results to hoteliers across a wide range of markets and segments,” said Warren Fields, president/CEO, Pyramid Hotel Group. “To best serve our clients, we have been investing heavily in our people and cutting-edge technology. We are confident these moves will better allow us to capitalize on the ever-shifting demands of the industry as people look forward to traveling once again.”
The new hotels include multiple select- and full-service hotels from Florida to California, as well as international properties in England and Norway. With a combined room count of 4,851 totaling more than $1 billion in asset value, the properties range in size from a 76-room independent resort and spa to a 444-room branded hotel. Brand families include Marriott, Hilton and Hyatt, as well as multiple independents.
Pyramid reports positive, international deal momentum since its acquisition of London-based management and asset management platform Hamilton Hotel Partners. The company expects continued European growth as best practices from both organizations cross-pollinate.
“In addition to growing our hotel portfolio, Pyramid has strengthened the executive leadership of the firm and hired industry leaders in commercial strategy, revenue management, asset management, business analytics, finance, accounting, independent hotels and food & beverage,” Fields noted. “While the pandemic resulted in countless job losses industry-wide, we have methodically built our team to address the increased focus on obtaining superior operating results with an eye towards being an inclusive employer of choice. Our new team members bring new perspectives, and when combined with the experience and expertise of our existing team, will help Pyramid Hotel Group evolve further to continue exceeding the expectations of our partners.”
He added, “Under the leadership of our recently appointed COO Eric Habermann, previously with Host Hotels, we are focused on expanding and improving our technological capabilities and have taken an industry-leading position in our use of the information provided by our proprietary systems.”