Pyramid Global Hospitality beefs up US luxury lifestyle segment with addition of 6 hotels to management portfolio

Dive Brief:

Pyramid Global Hospitality added six hotels and resorts to its portfolio within May, the company announced Friday.
Its new acquisitions include Flamingo Resort & Spa and The Sandman Hotel in Santa Rosa, California; Wayfinder Newport Hotel in Newport, Rhode Island; Hotel Paradox — Autograph Collection in Santa Cruz, California; The Preserve Sporting Club & Residences in Richmond, Rhode Island; and The Westin Tampa Bay in Tampa, Florida.
The acquisitions build on Pyramid’s past two years of growth and align with the management company’s ongoing strategy to diversify its assets while simultaneously beefing up its luxury lifestyle segment.

Dive Insight:

The added hotels bring Pyramid’s global portfolio to over 230 properties and keep Pyramid on track to hit a milestone of 250 properties across the U.S., Caribbean and Europe.

"The expansion of Pyramid Global Hospitality's portfolio supports our continued efforts to diversify our collection of assets in pursuit of becoming the manager of choice within our industry," Warren Fields, CEO of Pyramid Global Hospitality, said in the company statement.

Among Pyramid’s six recent additions to its portfolio, four hotels fall within its luxury and lifestyle division: Flamingo Resort & Spa, The Sandman, Wayfinder Newport and The Preserve. The other two, Hotel Paradox – Autograph Collection and The Westin Tampa Bay, fall within its branded division.

The Rhode Island hotels mark Pyramid’s first expansions into the state. The company is currently in the process of renovating the boutique Wayfinder Newport Hotel after it suffered extensive fire damage. The Preserve sits on 3,500 acres and features an 18-hole golf course, zip line, mountain biking, canoeing and kayaking, a rock-climbing wall and 10 fly-fishing ponds.

In California, Flamingo Resort & Spa sits on a 10-acre campus in the Valley of the Moon, and the nearby Sandman Hotel is popular among travelers exploring Sonoma Wine Country. Hotel Paradox offers access to ocean activities as well as downtown Santa Cruz. And in Florida, The Westin Tampa Bay features bay views and meeting space for events and business functions.

Pyramid was formed by the merger of three hotel management companies — Benchmark; Pyramid Luxury & Lifestyle; and Hamilton, Pyramid Europe — in 2021. Since then, the company has continually hunted acquisitions, adding 59 properties to its asset portfolio in its first year alone.

In a statement in March, Fields said the company was in an “exciting period of growth and development.” In 2022, the company saw a 40% increase in revenue across its same-store assets, he added.