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October 1, 2021

Benchmark Global Hospitality merges with Pyramid Hotel

The combined company has a portfolio of 210 hotels and more than $3bn in annual operating revenue under management.

US hotel management companies Benchmark Global Hospitality and Pyramid Hotel Group have merged and formed a new entity.

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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.

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.”

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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