With $7 Billion in Hospitality Assets Under Management, Pyramid Hotel Group Sees...

With $7 Billion in Hospitality Assets Under Management, Pyramid Hotel Group
Sees Opportunities in Turbulent Economy
Company Uniquely Positioned to Provide Hotel Management, Asset Management and
Project Management Services

BOSTON, Feb. 6 /PRNewswire/ -- Officials of Boston-based Pyramid Hotel
Group, a full-service, independent hotel company, today announced that it
manages a portfolio of $7 billion in assets acquired in the past six years and
plans to take advantage of market conditions during the current turbulent
economy.
"Since our founding in 1999, we have accumulated a portfolio of nearly 50
managed and asset-managed properties," said Warren Fields, chief investment
officer of Pyramid. "We've developed a wellspring of talent with expertise
and experience in every aspect of the hospitality industry and assembled a
team of more than 7,000 people that covers every aspect of hotel operations,
asset management and project management. With the economy becoming more
tenuous, we believe that hotel owners and investors will gravitate toward the
most experienced operators with the most solid track records. We intend to
take advantage of the opportunities that we believe will be available in the
next 12 to 18 months."
Fields noted that Pyramid Hotel Group may be the only independent company
whose senior management team members have served as a franchisor, franchisee,
owner, operator and asset manager at some point in their career. "Because we
have been on all sides of the hotel business equation, we understand the
motivation and expectations of each," he noted. "We believe this gives us a
competitive advantage in finding the most viable solutions for owners and
investors and optimizing their results."
The company has in-depth experience and strong relationships with all of
the major hotel brands. Its portfolio ranges from upscale, select-service
properties to luxury hotels and world-class resorts, as well as highly
regarded independent hotels. Pyramid's portfolio comprises 46 hotels and
resorts with over 18,000 rooms, 19 golf courses and nine spas aggregating more
than 240,000 square feet, as well as more than 1.5 million square feet of
meeting space. The company's asset management division currently oversees
more than $5 billion in real estate assets, and in the past six years, its
project management division has completed more than $600 million in hotel
renovations.
"Quality institutional owners and investors have two primary concerns in
today's current environment," said John Hamilton, Pyramid Hotel Group's senior
vice president, business development. "The first is to protect the asset's
value in a difficult economy. The second is to find opportunities to improve
revenues and profitability despite where we are in the business cycle.
"One of the areas we specialize in is the 'have nots': properties that
have not been well managed, have not been well maintained or have not been
well branded," he noted. "We often find that those properties also have not
taken care of their people, which impacts the hotel at every level.
"Weaker and more poorly managed hotels will struggle in the current
environment, especially if it continues to deteriorate," he added. "As a
result, owners and investors will seek new management and strategic direction.
We believe Pyramid Hotel Group is uniquely qualified to provide those services
in the year ahead, and to position the hotels to slingshot ahead of their
competition when the economy begins to accelerate. A hotel's operating
success is a combination of a well thought-out strategic plan, quality
management expertise and tireless dedication, all of which are our core
strengths."
Hamilton noted that Pyramid also manages the "haves," exceptional hotels
that have achieved and been recognized for their performance excellence. One
such hotel is the Pyramid-managed Boston Harbor Hotel, which just received its
fifth star this week.
Hamilton pointed out that Pyramid's core strengths are also reflected in
the company's receipt of a number of industry accolades over the past few
years. In 2007, the company was named Marriott Developer of the Year and
Marriott Conversion of the Year. The prior year, the organization was named
Hilton Developer of the Year, and in 2004, it was named InterContinental
Developer of the Year and Hilton Deal of the Year.
"The foundation of our organization is highly successful hotel operations,
which gives us a decided advantage in asset and project management," he noted.
"We have a tremendous platform that includes operations expertise, proprietary
systems, economies of scale and a deep talent pool. We have the confidence to
match the returns we generate against the best in the industry. While the
economic outlook remains difficult to predict, we believe Pyramid Hotel Group
is well positioned to optimize results."
About Pyramid Hotel Group
Pyramid Hotel Group, founded in 1999, is a full-service hotel company that
owns, manages and asset manages hotels and resorts and manages hotel
construction/renovation projects. Pyramid Hotel Group currently has a
portfolio comprised of 46 hotels and resorts under management and asset
management throughout the U.S. For more information about Pyramid Hotel
Group, visit the company's website, www.pyramidhotelgroup.com.
Contact: Jerry Daly or Carol McCune
Daly Gray
(703) 435-6293
jerry@dalygray.com

SOURCE Pyramid Hotel Group

Jerry Daly or Carol McCune of Daly Gray, +1-703-435-6293, jerry@dalygray.com,
for Pyramid Hotel Group