BOSTON ? (September 14, 2011) ? Pyramid Hotel Group, the country?s fifth largest hotel and resort management company, has added four new hotel and resort management contracts to its portfolio during the second quarter of 2011, bringing its year-to-date additions to nine new properties and more than 3,400 new rooms under management.
?This quarter has been strong, with positive growth for both Pyramid?s business development efforts and existing hotel and resort performance. We expect to see similar results throughout the remainder of the year,? said Warren Fields, Pyramid?s Chief Investment Officer.
?These new contracts also reinforce the value that owners place on our core Pyramid values. At the heart of how we approach business is balancing the needs of owners, partners, employees, guests and the communities in which we live and work in ways that provide superior returns to all,? said Jim Dina, Pyramid Chief Operating Officer.
The new hotel under management by Pyramid Hotel Group is the 459-room Hyatt Regency Woodfield-Schaumburg approximately 30 miles from Chicago, featuring 30,000-square-feet of function space, inventive French-inspired contemporary cuisine and two swimming pools.
The three new resorts will be managed by Pyramid Resort Group, the new division established in June to enable the company to more aggressively target the resort business segment and deliver value to resort owners. The resorts include:
- The Wigwam, an historic independent resort in Arizona dating to 1918 is a true landmark of? the Southwest, offering 331 casitas and suites, 54 holes of championship golf, a Red Door Spa by Elizabeth Arden and 45,000-square-feet of meeting space on more than 400 acres just 10 miles from Phoenix
- The 519-room Sheraton Keauhou Bay Resort & Spa, on 22 oceanfront acres in Kona, Hawaii, features water sports, the Big Island?s longest water slide, island-inspired? Ho?ola Spa, and more than 60,000-square-feet of indoor and outdoor meeting and event space
- The 343-room Westin Casuarina Resort & Spa sits on Seven Mile Beach in the heart of Grand Cayman, the largest of the three Cayman Islands, with daily activities for ages 4-12, Hibiscus Spa, and 69,000-square-feet of indoor and outdoor function space for meetings and events
About Pyramid Hotel Group
Pyramid Hotel Group is a privately held Boston-based hotel company with 69 hotels and resorts under hotel management and asset management, comprising more than 26,000 rooms and approximately 8,000 employees.? Pyramid Hotel Group provides hotel management, asset management and project management services to a vast array of hotel assets ranging from a 90-room limited-service hotel to world-class properties with more than 1,000 rooms. Pyramid Hotel Group is a franchisee of all major hotel brand companies, an operator of independent four- and five-star hotels and resorts, and is the fifth largest U.S. hotel management company as ranked by Hotel Business magazine. ?www.pyramidhotelgroup.com
About Pyramid Resort Group
Pyramid Resort Group is a new division of Pyramid Hotel Group, the Boston-based hotel management, asset management and project management firm that is the 5th largest hotel management company in the U.S. Established in June 2011, Pyramid Resort Group is a smart business evolution to enable the company to more aggressively target the resort business segment to help resort owners achieve greater profitability and value. The resort team is led by Richard A. Holtzman, Senior Vice President, who brings more than 30 years in the resort industry and accolades such as ?Resort Executive of the Year? to this role. He was previously vice president of DMB, an Arizona-based real estate company, where he had both management and asset management responsibilities, including serving as president of the Kukui?ula Development Company, a new resort residential community in Hawaii on the Island of Kaua?i.? Pyramid Resort Group is actively seeking management and asset management contracts in the U.S. and Caribbean and has the potential to co-invest in situations that it deems appropriate. www.pyramidhotelgroup.com
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