Hotel Mgmt. Cos. Benchmark, Pyramid Merge

Hotel management companies Benchmark Global Hospitality and Pyramid Hotel Group have merged, the companies announced Thursday, and will be known as Benchmark Pyramid. The new company has ” a worldwide portfolio of 210 properties and annual operating revenue under management of more than $3 billion,” according to Benchmark Pyramid.

Financial terms of the deal weren’t disclosed. Both companies are privately held.

Former Pyramid founding partner and CEO Warren Fields serves as CEO of Benchmark Pyramid, with former Benchmark CEO Alex Cabañas serves as president. The new company “will provide a wider range of specialized services going forward while continuing to offer all services available before the merger,” according to a company statement.

Benchmark Pyramid’s portfolio includes corporate conference centers, full- and select-service hotels and resorts, and meeting and event centers.

Benchmark in 2016 merged with Gemstone Hotels & Resorts. Pyramid in 2020 merged with Hamilton Hotel Partners. Benchmark Pyramid’s European platform will continue to be led by Frank Croston, who was CEO of Hamilton, according to the company.

Chris Davis www.businesstravelnews.com