Two hotel and resort management companies are joining forces to create a single organization. Benchmark Pyramid, created by the merger of development and management firm Benchmark Global Hospitality and management company Pyramid Hotel Group, has a worldwide portfolio of 210 properties and annual operating revenue under management of more than $3 billion.
Benchmark Pyramid is backed by each company’s respective longtime investment partners, Gencom and TZP Group. Serving as co-chairs are Pyramid Hotel Group co-founder Rick Kelleher and Benchmark founder Burt Cabañas.
Leading the new company are CEO Warren Fields, formerly CEO and founding partner of Pyramid Hotel Group, and President Alex Cabañas, the former CEO of Benchmark Global Hospitality. Its European platform will continue to be led by Frank Croston, CEO of U.K.-based Hamilton Hotel Partners, a Pyramid Hotel Group Company.
“Entertaining the idea of a merger has always been about finding the right fit in terms of both business strategy and employee culture,” Fields in a statement. “We recognized early in our discussions there were unique and exceptional advantages in combining the respective strengths of our organizations. Together, Benchmark Pyramid has the depth, capability and DNA to innovate and lead for years to come, which will significantly increase owner value, employee advancement opportunities, and portfolio growth.”
Talking with Hotel Management, Fields said Pyramid Hotel Group has sought to be “good stewards of the assets entrusted to us, creating a strong business strategy and employee culture that benefits owners, staff, partners and our communities. Alex and the Benchmark Global Hospitality team share that vision, and today’s merger pushes forward our collective commitment to excellence.”
“Since the beginning, specialization and differentiation have been the focus of our merger conversations,” Cabañas said in a statement. “Our goal is to be the best in independent and brand management as well as the most experiential hotel company in the industry for our guests, our employees and the communities we’re in.”
Talking to Hotel Management, Cabañas said that the company’s workers will see opportunities grow through the merger. “Both Warren and I have built our businesses with a steadfast commitment to our employees and together we are providing them with the best environment for career growth in the hospitality industry.”
Benchmark Pyramid will provide a wider range of specialized services going forward while continuing to offer all services available before the merger. Across the portfolio of properties, its core businesses include management of independent, lifestyle, soft brand, full-service and select-service hotels and resorts, as well as corporate conference centers, day meetings and event centers. It also has a full range of hospitality advisory and technical services, from experiential on-property innovation to receivership, asset management, project management and Benchmark’s Access platform; and real estate investments and partnerships.