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Pyramid Hotel Group Adds Two Hotels to Management Portfolio
The company is seeing continued growth opportunities as more hotels trade ownership.
Wednesday, July 18, 2012
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Officials of Pyramid Hotel Group, the nation’s second largest independent hotel management company by revenues, today announced that it has been selected to operate the 315-room Westin Imagine, Orlando, Fla., and the 194-room Holiday Inn San Antonio NW SeaWorld, San Antonio, TX.
“These are excellent properties that have the potential to be market leaders in their segments, and our goal is to make pronounced improvements in the properties’ operating results and profitability,” said Warren Fields, Pyramid’s chief investment officer. “We look forward to the opportunity to continue to build on our long-term relationships with the hotels’ respective associates and ownership groups.”
Commenting on the current state of the hotel industry, Fields noted that many lenders are taking control of assets and looking to proven operating partners, such as Pyramid, to help them position the assets to improve cash flow and increase the property’s value. “Creating the right positioning and strategy for a hotel is the key to profitability and ultimately to the successful sale of the asset,” he said. “All of the hotels added to our management portfolio in the past year have gained market share against their respective competitive set and greater markets.
“We see more management growth opportunities ahead as the industry continues its rebound and the rate of hotels changing hands keeps increasing. We also remain active with special servicers and lenders, serving as a receiver for their properties that have been unable to recover from the downturn.”
About the Hotels
Located adjacent to the Orlando Convention Center and just minutes from Universal Studios, SeaWorld Adventure Parks and the Walt Disney theme parks, the Westin Imagine is a beautiful full-service hotel. The hotel caters to business and leisure travelers with a special emphasis on groups. The hotel features 7,100-square-feet of meeting space, outstanding food & beverage options, the Westin WORKOUT Center and an outdoor heated swimming pool.
Close to numerous business and tourist attractions including SeaWorld, the Holiday Inn San Antonio NW SeaWorld appeals to business and leisure guests. The hotel offers 5,500 square feet of meeting space that can accommodate groups of up to 350 people. Amenities include two restaurants, an outdoor swimming pool and a new fitness center with indoor lap pool.
About Pyramid Hotel Group
Pyramid Hotel Group is a privately held, Boston-based hotel company with 65 hotels and resorts under hotel management and asset management, comprising more than 25,000 rooms and approximately 9,600 employees. Pyramid Hotel Group, ranked the second largest U.S. hotel management company by independent sources, provides hotel management, asset management and project management services to a vast array of hotel assets ranging from a 90-room limited-service hotel to world-class properties with more than 1,000 rooms. Pyramid Hotel Group is a franchisee of all major hotel brand companies and an operator of independent four- and five-star hotels and resorts. Additional information is available at www.pyramidhotelgroup.com
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