US hotel management companies Benchmark Global Hospitality and Pyramid Hotel Group have merged and formed a new entity.
Financial terms of the merger remain undisclosed.
Named as Benchmark Pyramid, the new entity has a global portfolio of 210 hotels in the US, Caribbean, and Europe.
With offices in The Woodlands and Boston as well as Cincinnati and London, the new entity has over $3bn in annual operating revenue under management.
Benchmark Pyramid is backed by the two companies’ long-time investment partners, Gencom and TZP Group.
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Pyramid Hotel former CEO and founding partner Warren Fields has been appointed as CEO of the combined company, while Benchmark former CEO Alex Cabañas will serve as president.
Hamilton Hotel Partners, a Pyramid Hotel company, CEO Frank Croston will continue to lead the European business.
Fields said: “Entertaining the idea of a merger has always been about finding the right fit in terms of both business strategy and employee culture.
“We recognised early in our discussions there were unique and exceptional advantages in combining the respective strengths of our organisations.
“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.”
Following the merger, Benchmark Pyramid will offer an expanded service offering and continue to provide the services that the two companies were delivering prior to the merger.
In addition to independent, lifestyle, soft brand, full-service and select-service hotels and resorts, the new entity will manage corporate conference centres, day meetings and event centres.
Furthermore, the company will provide a full range of hospitality advisory and technical services.
Cabañas said: “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.”