Benchmark Global Hospitality and Pyramid Hotel Group announce merger
The combined organization is positioned to be the industry’s most owner-driven experiential management company and an employer of choice.
BOSTON, MA and THE WOODLANDS, TX / ACCESSWIRE / September 30, 2021 / Two hotel and resort management companies have joined forces, creating a powerful organization strategically positioned for the future of the global hospitality industry: Reference pyramid. With a global portfolio of 210 properties and annual operating revenues under management of over $ 3 billion, the new company captures the unique passions and strengths of Benchmark Global Hospitality, a celebrated leader in property development and management. Independent and Lifestyle, and Pyramid Hotel Group, with its history of success in branded / franchise and resort properties. Benchmark Pyramid’s combined Centers of Excellence will make it the property manager and employer of choice as it delivers enhanced and accelerated service-oriented results to hotel owners and guests.
The new entity is supported by the respective long-standing investment partners of each company, Gencom and TZP Group. The Co-Chairs are Pyramid Hotel Group Co-Founder Rick Kelleher and Benchmark Founder Burt Cabañas, two hospitality industry visionaries who have built their respective businesses from the ground up.
A meeting between innovators in the hotel industry
At the helm of the new company are CEO Warren Fields, former CEO and founding partner of Pyramid Hotel Group, and Chairman Alex Cabañas, former CEO of Benchmark Global Hospitality. Its European platform will continue to be led by Frank Croston, CEO of Hamilton Hotel Partners, a UK-based Pyramid Hotel group company.
“Considering the idea of a merger has always been about finding the right solution in terms of business strategy and employee culture,” said Fields when announcing the merger. “We recognized early on in our discussions that there were unique and exceptional advantages to combining the respective strengths of our organizations. Together, Benchmark Pyramid has the depth, ability and DNA to innovate and lead for years to come, which will dramatically increase the value for owner, employee advancement opportunities and portfolio growth. “
“From the start, specialization and differentiation have been at the center of our merger conversations,” said Alex Cabañas. “Our goal is to be the best in independent management and branding and the most experiential hotel company in the industry for our guests, our employees and the communities in which we are.”
A wider range of services and strengthened divisions
Specifically, Benchmark Pyramid will provide a wider range of specialist services going forward while continuing to offer all of the services available prior to the merger. Across the diverse portfolio of properties, its core businesses include the 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, ranging from on-site experiential innovation to receivership, asset management, project management and the ACCESS benchmark platform; and real estate investments and partnerships.
About the reference pyramid
Benchmark Pyramid was formed by the merger in 2021 of two hotel and resort management companies, creating the industry’s most owner-driven experiential business and its best place to work. The organization’s global portfolio spans 210 properties in the United States, the Caribbean and Europe. It maintains offices in Boston; The Woods, Texas; Cincinnati; and London. For more information, visit www.benchmarkpyramid.com.
Founded in 1987 by Karim Alibhai, Gencom is one of the leading national and international investment and development companies specializing in hospitality, with more emphasis on the mixed-use luxury sector as well as investments in related operating platforms. Headquartered in Miami, Gencom is fully integrated and highly diversified, with expertise in virtually all aspects of the development, acquisition, financing, asset management and sale of hotel properties. Gencom has been successful not only in the development, purchase and release of unique assets and hotel portfolios, but also in the creation, purchase and growth of investments in hotel platforms, in the United States, in the Caribbean and Europe, including Gencom American Hospitality, Summerfield Suites, Carnival Resorts and interstate hotels. The successful track record of the Gencom companies has led to significant ventures with leading institutional investors, leading family groups and other strategic partners both nationally and internationally. For more information on Gencom, please visit www.gencomgrp.com.
About the TZP Group
TZP Group, a multi-strategy private equity firm with approximately $ 2.2 billion under its family of funds, including TZP Capital Partners, TZP Small Cap Partners, TZP Strategies and TZP Strategies Acquisition Corp., focuses on control , growth equity, and structured capital investments in business services, technology and consumer companies. TZP recently launched an Impact Investing Strategy that invests in mission-driven businesses that address key United Nations sustainability challenges.
Founded in 2007, TZP targets companies with strong historical performance and sustainable value propositions and aims to be a “partner of choice” for business owners and management teams. TZP seeks to invest primarily in private, private companies in which the owners wish to retain a significant stake and partner with an investor with complementary operational and financial skills to accelerate business growth, increase profitability and maximize profitability. value of their retained interest. TZP leverages the operating and investment experience of its investment professionals to provide strategic and operational advice and is dedicated to creating long-term value. For more information, please visit www.tzpgroup.com.
From left to right: Warren Fields, CEO of Benchmark Pyramid, and Alex Cabañas, President
THE SOURCE: Reference pyramid
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