Pyramid Hotel Group Enjoys Solid Growth in 2014
Growth Period Includes New Markets, New Segments and Major Development |
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Pyramid Hotel Group Enjoys Solid Growth in 2014
Growth Period Includes New Markets, New Segments and Major Development |
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This is a press release selected by our editorial committee and published online for free on 2015-03-18
Officials of Pyramid Hotel Group, one of the nation’s largest, independent, hotel management companies, today announced that it has added nearly 4,300 rooms via acquisition, new development or in its pipeline during the past year, a 15 percent increase to its overall portfolio.
“Last year was a good year for Pyramid,” said Chris Devine, Pyramid chief financial officer. “We added 11 hotels, a combination of third-party management and joint venture acquisitions, to our portfolio, began construction on three hotels and have four additional properties well along in the development pipeline. We continue to have an aggressive appetite for growth, as we agree with forecasts that point to substantial upside in the hotel cycle.”
Devine said the company’s growth continued to be represented by “big box” hotels and resorts with substantial meeting space. “Meeting business continues to rebound as companies realize the importance of bringing people together face to face. We saw more than 11 percent increase in meeting revenue last year and expect it to continue on a strong upward trend.”
The company also expanded its portfolio in the luxury independent hotel and resort segment. “Food and beverage plays a critical role in an independent hotel’s success,” Devine noted. “Vice President of Food and Beverage Doug Cole and his team created several new restaurant concepts last year, as well as made significant upgrades to existing restaurants and menus. In addition, the company continued to expand its premium-branded, focused-service portfolio, primarily through development.”
Pyramid also added its first European property with a luxury, independent hotel in Dublin, Ireland. “We see significant opportunities in Europe reflecting the growth in global institutional investors and brands who want institutional grade hotel management,” Devine added. “We are building the infrastructure to support rapid growth and expect to become a force overseas.”
Devine pointed out that the company oversaw significant renovation activity in 2014, with its renovation division, Pyramid Project Management, overseeing the upgrade of more than 25 percent of its existing portfolio. “Our relationship with the PGA and renovation work at the Sawgrass Marriott Resort & Spa secured the resort taking the world’s top ranking by Golf Magazine.”
Looking to 2015, Devine said he expects growth both domestically and internationally. “Our same property net income was up 36.5 percent in 2014 on a 12 percent increase in RevPAR. We have added significant, new, well capitalized public and private institutional investors and have the funding available to expand at the individual property or portfolio levels.”
About Pyramid Hotel GroupPyramid Hotel Group is a privately held, Boston-based hotel company with some 60 hotels and resorts under hotel management and asset management, comprising more than 20,000-plus rooms and approximately 9,000 employees. Pyramid Hotel Group, ranked among the largest U.S. hotel management companies by independent sources, provides hotel management, asset management and project management services to a broad array of hotel assets ranging from a 90-room select-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. Pyramid’s Resort Group currently manages resorts throughout the Continental U.S., Hawaii and the Caribbean. Additional information is available at www.pyramidhotelgroup.com.
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