BOSTON and THE WOODLANDS, Texas—Two hotel and resort management companies have aligned forces, creating one organization strategically positioned for the future of the global hospitality industry: Benchmark Pyramid. With a worldwide portfolio of 210 properties and annual operating revenue under management of more than $3 billion, the new company captures the strengths of Benchmark Global Hospitality, a leader in the development and management of independent and lifestyle properties, and Pyramid Hotel Group, with its success across branded/franchise and resort properties. Benchmark Pyramid’s combined centers will deliver improved and accelerated results focused on service to owners and hotel guests.
The new entity 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—both hospitality industry leaders who built their respective companies from the ground up.
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 United Kingdom-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,” said Fields in announcing the merger. “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.”
“Since the beginning, specialization and differentiation have been the focus of our merger conversations,” said Alex Cabañas. “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.”
Expanded service offering and divisions
Specifically, Benchmark Pyramid will provide a wider range of specialized services going forward while continuing to offer all services available before the merger. Across the diverse 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 offers 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.