PYRAMID GLOBAL HOSPITALITY ANNOUNCES RECORD YEAR

BOSTON and THE WOODLANDS, Texas, March 1, 2023 /PRNewswire/ -- Established by the merger of three recognized hotel and resort management companies, Pyramid Global Hospitality was introduced last year as the powerhouse collection of industry-leading divisions, including Benchmark, Pyramid Luxury & Lifestyle and Hamilton, Pyramid Europe. In a look back at the year plus since the merger, Pyramid Global is celebrating record growth and development, including the addition of 59 properties to the company's portfolio, six key executive promotions and notable investment in the technology and tools provided across the collection.

Continuing the momentum of the company's success, Pyramid Global is on track to hit a major milestone of 250 properties in the portfolio, while maintaining its position as operator and employer of choice. Since the merger, Pyramid Global Hospitality has strategically added 59 properties to join the company's distinguished asset portfolio. Noteworthy additions included Riverhouse on the Deschutes in Bend, Oregon, La Quinta Resort & Club in Palm Springs, California, W Hotel in Rome, Italy, as well as the 12 illustrious properties within the Provenance portfolio in locations from Seattle to Nashville.  

"The tremendous success and growth our team has seen over the last year and a half, and the introduction of Pyramid Global Hospitality further illustrate our commitment to forging the best third-party management company in the industry," said Warren Fields, CEO of Pyramid Global Hospitality. "As we continue this exciting period of growth and development, we are also pleased to recognize some of the multifaceted leaders that comprise our best-in-class team."

Executive promotions include Calvin Banks to Senior Vice President of Development & Culture, Lisa Compton-Martin to Senior Vice President of People Operations, Paul Bashaw to Vice President of Global Sales, Suya Davenport to Vice President of Global Sales, Greg Goodwin to Vice President of Information Technology and Chad Heilsen to Vice President Finance Operations. Pyramid Global's recent corporate elevations recognize the dedication and loyalty shown by these vital team members and supports the company's efforts as a top industry employer to provide unprecedented opportunities for career growth.

Additionally, President Alex Cabañas will assume the role of Executive Chairman for the Pyramid Global Hospitality Board of Directors, focusing on the long-term interests of the business and its stakeholders, further strengthening owner and partner relations as well as the creation of new growth opportunities across all hospitality verticals. Warren Fields will continue leading the operations of the company as CEO, positioning Pyramid Global Hospitality for sustained growth and development.

Additional efforts over the last year include Pyramid Global's unparalleled investment in technology and tools that enable our hotels and leaders to be the fastest, best informed, and most successful operators in the industry. Pyramid's analytics platform provides real-time insights to deliver market-leading commercial strategies, profitability, and guest experiences across the entire portfolio.  The company continues to work with an inspired community of forward-thinking professionals to further advance its technological and analytical capabilities. 

"Over the last year, we have seen immense success across the portfolio with continued improvement in hotel performance and excellent flow through," said Fields. "In 2022, we saw a 40% increase in revenue across our same-store assets with a 60% flow through to our net operating income to our owners. We are excited for the potential ahead for Pyramid Global as we continue this journey of strategic growth, leveraging our previous success and amplifying our outstanding new additions."

Pyramid Global Hospitality was formed by the 2021 merger of three hotel and resort management companies, creating the most owner-focused, experiential company in the industry and establishing an empowered people-first workplace. The organization's global portfolio spans more than 230 properties across the U.S., Caribbean and Europe. It maintains offices in Boston; The Woodlands, Texas; Cincinnati; and London. For more information, visit www.PyramidGlobal.com

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SOURCE Pyramid Global Hospitality