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| Hyatt Regency Schaumburg, Schaumburg, IL |
BOSTON, MA, Oct. 7, 2013--Officials of Pyramid Hotel
Group, one of the nation’s largest independent hotel management companies,
today announced it has added 13 hotels, a combination of full- and
select-service properties, to its portfolio throughout the continental United
States through the first nine months of 2013.
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| Warren Fields |
Additionally, the company is continuing its robust project
management project work, with more than $50 million in renovations/upgrades
completed or underway this year.
The nine, full-service properties
add more than 2,690 rooms to Pyramid’s management portfolio. The hotels are owned by five, separate
investment groups and spread across new and old markets for the company.
“These nine properties reflect the
range of our full-service hotel management expertise, from urban and suburban
properties with significant meeting space and food and beverage operations to
resort-style hotels, as well as both branded and independent properties,” said Warren
Fields, chief investment officer.
Fields added that Pyramid expects to
see more large hotels changing hands as the hotel economy continues to improve
and financing becomes more readily available.
“There is a pent-up demand by a
number of institutional investors to acquire major assets in this phase of the
cycle.”
Also, Pyramid added four,
select-service hotels totaling 590 rooms throughout the United States since the
beginning of 2013. “Three of the properties are an expansion of an on-going
relationship with one of our portfolio investors,” Fields commented.
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| Fenway Park, Boston, MA |
“We are gratified by their continued confidence in our ability to
deliver exceptional service to guests and build a superior bottom line.
The
fourth hotel is proximate to Fenway Park – home of the Boston Red Sox –
and while it will receive the same attention to detail as all of our managed
hotels, it is a source of a great pride to operate a hotel in the shadow of the
greatest, classic baseball park in the world and in our hometown."
Commenting about Pyramid’s continued
work executing over $50 million in project management and renovations, Fields
noted, “This is an encouraging increase in the number of projects we managed
last year, and we expect an upward trend with four to five additional projects
in the planning stage both for hotels we manage and asset manage”.
Additionally, Pyramid recently
received the coveted “Hyatt Franchise Hotel of the Year Award” for the 470-room
Hyatt Regency Schaumburg, Chicago.
Fields stated, “This award rounds out our brand trophy case. Pyramid now has received a top award from
all five of the major, full-service brand groups and brings the total honors
awarded to Pyramid to 24 in the past 10 years.
"This recognition is especially humbling because only a small handful of
elite operators may operate a Hyatt hotel, making competition for this award
particularly intense.”
For a complete copy of the
company’s news release, please contact:
Chris Daly
Daly Gray
(703) 435-6293
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