“The improving market in the 2011 first quarter contributed to a strong period of growth for Pyramid, including international expansion with the addition of our first Caribbean resort. This international growth reflects the strength, versatility, and proven abilities of our company and the confidence of our new hotel owners to deliver superior returns,” said Warren Fields, Pyramid’s chief investment officer. “Concurrently, we are especially gratified that our current management portfolio remained stable throughout the recent economic downturn, reflecting the strength of our long-term relationships due to Pyramid’s ability to consistently maximize cash flows and asset values under any economic condition.
“We expect to see continued strong growth in the 2011 second quarter as a result of our exceptionally active pipeline,” Fields noted. “Owners are particularly attracted by our proven track record, our extensive sales and marketing networks, our revenue management practices and our ability to benchmark performances across multiple brands, independent properties, and markets.”
Pyramid Hotel Group is a privately held Boston, Massachusetts-based hotel company with 65 hotels and resorts under hotel management and asset management, comprising over 25,000 rooms with approximately 7,600 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 resorts with over 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 hotel management company as ranked by outside independent resources.