Dive Brief:
- Pyramid Global Hospitality has assumed management of four resorts in recent months as the company grows its U.S. portfolios, the Boston- and Texas-headquartered firm announced last week.
- Management acquisitions include the Arizona Biltmore in Phoenix; Naples Grande Beach Resort in Naples, Florida; Chatham Bars Inn in Chatham, Massachusetts; and Inn at Perry Cabin in St. Michaels, Maryland. In total, Pyramid has added 12 properties to its management roster in 2024.
- Pyramid Chief Investment Officer Chris Devine told Hotel Dive that the company “is seeing success in growing its luxury lifestyle and resort portfolios as a result of a number of transformational initiatives.”
Dive Insight:
London-based private equity real estate firm Henderson Park purchased the 705-key Arizona Biltmore for $705 million last month. The property sits on 39 acres.
The 474-room Naples Grande Beach Resort spans 23 acres on Florida’s Gulf Coast. The five-star Chatham Bars Inn offers 217 rooms on Cape Cod’s beachfront, and the 79-room Inn at Perry Cabin on Maryland’s eastern shore is within driving distance of Washington, D.C.
In April, Pyramid announced that it had already assumed management of nine properties in 2024, marking “an important milestone for the company as it expands its footprint” in “key travel markets.”
Those markets included Florida, where, in addition to Naples Grande, Pyramid also added Saddlebrook Resort Tampa and Hotel Flor, part of Hilton’s Tapestry Collection; Utah, where it picked up Black Rock Mountain Resort; Hawaii, with Wayfinder Waikiki; and California, with Wayfinder Bishop Creekside.
“Pyramid is being selective in pursuing assets where our operations team is able to apply Pyramid Global resources, talent and skills to be successful,” Devine told Hotel Dive. “We anticipate more opportunities in the lifestyle and luxury sector, as well as in Pyramid’s equally robust and successful branded division.”
Pyramid Global was formerly three hotel management companies — Benchmark; Pyramid Luxury & Lifestyle; and Hamilton, Pyramid Europe — which merged in 2021. Since then, the company has assumed management of numerous hotels, adding 59 properties in its first as a combined company year alone.
Outside of boutique luxury resorts the company has also assumed management of Rand Tower Hotel in Minneapolis; Marriott San Antonio Northwest; and The Crotonville Conference Center in Ossining, New York, this year.
