- October 5, 2021
- Comments: 0
- Posted by: admin
Combined organization is positioned to be the industry's most owner-focused, experiential management company and an employer of choice
BOSTON, MA and THE WOODLANDS, TX / ACCESSWIRE / September 30, 2021 / Two storied hotel and resort management companies have aligned forces, creating one powerhouse organization strategically positioned for the future of the global hospitality industry: Benchmark Pyramid. With a worldwide portfolio of 210 properties and annual operating revenue under management of more than $3 billion, the new company captures the passions and unique strengths of Benchmark Global Hospitality, a celebrated leader in the development and management of independent and lifestyle properties, and Pyramid Hotel Group, with its history of success across branded/franchise and resort properties. Benchmark Pyramid's combined centers of excellence will make it the property manager and employer of choice as it delivers improved and accelerated results focused on service to owners and hotel guests.
The new entity is backed by each company's respective longtime investment partners, Gencom and TZP Group. Serving as co-chairs are Pyramid Hotel Group co-founder Rick Kelleher and Benchmark founder Burt Cabañas-both hospitality industry visionaries who built their respective companies from the ground up.
A meeting of minds between hospitality industry innovators
Leading the new company are CEO Warren Fields, formerly CEO and founding partner of Pyramid Hotel Group, and President Alex Cabañas, the former CEO of Benchmark Global Hospitality. Its European platform will continue to be led by Frank Croston, CEO of U.K.-based Hamilton Hotel Partners, a Pyramid Hotel Group Company.
"Entertaining the idea of a merger has always been about finding the right fit in terms of both business strategy and employee culture," said Fields in announcing the merger. "We recognized early in our discussions there were unique and exceptional advantages in combining the respective strengths of our organizations. Together, Benchmark Pyramid has the depth, capability and DNA to innovate and lead for years to come, which will significantly increase owner value, employee advancement opportunities, and portfolio growth."
"Since the beginning, specialization and differentiation have been the focus of our merger conversations," said Alex Cabañas. "Our goal is to be the best in independent and brand management as well as the most experiential hotel company in the industry for our guests, our employees and the communities we're in."
Expanded service offering and strengthened divisions
Specifically, Benchmark Pyramid will provide a wider range of specialized services going forward while continuing to offer all services available before the merger. Across the diverse portfolio of properties, its core businesses include management of independent, lifestyle, soft brand, full-service and select-service hotels and resorts, as well as corporate conference centers, day meetings and event centers. It also offers a full range of hospitality advisory and technical services, from experiential on-property innovation to receivership, asset management, project management and Benchmark's ACCESS platform; and real estate investments and partnerships.
About Benchmark Pyramid
Benchmark Pyramid was formed by the 2021 merger of two hotel and resort management companies, creating the most owner-focused, experiential company in the industry and its best workplace. The organization's global portfolio spans 210 properties in the U.S., Caribbean and Europe. It maintains offices in Boston; The Woodlands, Texas; Cincinnati; and London. For more information, visit www.benchmarkpyramid.com.
About Gencom
Founded in 1987 by Karim Alibhai, Gencom is one of the nation's leading domestic and international investment and development firms specializing in hospitality with further emphasis on the luxury, mixed-use sector as well as related operating platform investments. Headquartered in Miami, Gencom is fully integrated and highly diversified, with expertise in virtually every aspect of development, acquisition, financing, asset management and sales of hospitality properties. Gencom has had success not only in developing, purchasing and exiting single assets and hotel portfolios, it also has been successful in creating, purchasing and growing hospitality platform investments, throughout the United States, Caribbean and Europe, including Gencom American Hospitality, Summerfield Suites, Carnival Resorts and Interstate Hotels. Gencom companies' successful track record has led to significant ventures with prominent institutional investors, prominent family groups and other strategic partners both domestically and internationally. For more information about Gencom, please visit www.gencomgrp.com.
About TZP Group
TZP Group, a multi-strategy private equity firm managing approximately $2.2 billion across its family of funds including TZP Capital Partners, TZP Small Cap Partners, TZP Strategies and TZP Strategies Acquisition Corp., is focused on control, growth equity and structured capital investments in business services, technology, and consumer companies. TZP has recently launched an Impact Investing strategy that invests in mission-oriented businesses addressing key U.N. Sustainable Development challenges.
Founded in 2007, TZP targets companies with solid historical performance and sustainable value propositions and aims to be a "Partner of Choice" for business owners and management teams. TZP seeks to invest primarily in closely held, private companies in which the owners desire to retain a significant stake and partner with an investor with complementary operating and financial skills to accelerate company growth, increase profitability, and maximize the value of their retained stake. TZP leverages its investment professionals' operating and investment experience to provide strategic and operational guidance and is dedicated to long-term value creation. For more information, please visit www.tzpgroup.com.
Media Contacts:
Trish Nugent / Jenna Bush
Mower
pnugent@mower.com / jbush@mower.com
212-284-9935 / 212-284-9936
From left: Benchmark Pyramid CEO Warren Fields and President Alex Cabañas
SOURCE: Benchmark Pyramid
View source version on accesswire.com:
https://www.accesswire.com/665999/Uniquely-Different-Better-Together-Benchmark-Global-Hospitality-and-Pyramid-Hotel-Group-Announce-Merger
NEED TO KNOW A risk-off Monday is brewing to start the week, with stock futures lower and the 10-year yield edging back toward 1.5%. There’s a lot for investors to think about, such as the start of earnings season that’s just about a week away, as some analysts look under the hood of the third quarter and don’t like what they see.
One EV maker taking a hit is growing Chinese EV company Nio (NYSE: NIO). As of 11 a.m. EDT today, Nio shares were down 5.3%, just off the lows of the morning. Nio released its September and third-quarter 2021 EV delivery data on Friday, and its quarterly deliveries exceeded the internal guidance that it had revised lower on Sept. 1 due to supply chain constraints.
U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history. There aren’t many investors in the market today who remember the trauma of Black Monday.
The latest developments in the oil and gas industry compelled investors to pay attention to the cheap oil stock.
Dow Jones futures were lower late Monday, as the stock market sell-off worsened. These five tech giants tumbled.
Shares of electric vehicle stock Lordstown Motors (NASDAQ: RIDE) sank on Monday, dropping 9.3% as of 3:15 p.m. EDT. Lordstown Motors shares have now tumbled 25.6% in October alone, as of this writing. Last week, Lordstown Motors announced a partnership with Hon-Hai Precision Industry, better known as Foxconn, to sell its assembly plant in Ohio for $230 million.
Biotech stocks took a beating in September. The bellwether funds iShares Biotechnology ETF (NASDAQ: IBB) and SPDR S&P Biotech ETF (NYSEMKT: XBI) both lost a significant chunk of their value last month. Investors, in effect, went into risk-off mode following this news.
Many prominent investors, including Warren Buffett, David Tepper and Stan Druckenmiller, have been cautious regarding the current bull market and missed out as the stock market reached another high in recent weeks. On the other hand, technology hedge funds weren’t timid and registered double digit market beating gains. Financials, energy and industrial stocks initially suffered […]
China Evergrande Group (OTC: EGRN.F) is in a bit of a bind. At last report, the Chinese property giant had missed the deadline for two separate interest payments to foreign bondholders — who are starting to look like foreign bagholders, because Evergrande had no trouble finding the money to pay interest on a domestic debt. As The Wall Street Journal reported this morning, Evergrande's property management business, Evergrande Property Services Group, has advised that it is preparing to report "inside information and a possible general offer for the shares of the company."
Institutional investors have certain advantages over retail investors. With that in mind, we asked three Motley Fool contributors to pick tech stocks that are worth holding forever. Keep reading to see why MercadoLibre (NASDAQ: MELI), Microsoft (NASDAQ: MSFT), and Shopify (NYSE: SHOP) made the list.
(Bloomberg) — Hedge-fund billionaire Ken Griffin criticized the amount of time and energy spent on cryptocurrencies, saying it’s “a jihadist call” that some people don’t believe in the dollar.Most Read from BloombergChristmas at Risk as Supply Chain ‘Disaster’ Only Gets WorseReshaped by Crisis, an ‘Anti-Biennial’ Reimagines ChicagoThis Is What Europe’s Green Future Looks LikeWall Street Titans Warn of the Next Big Risks for InvestorsAn Unapologetic Old Boys’ Network Is Costing Australia Billion
Shares of Moderna (NASDAQ: MRNA) are sliding 5.9% lower as of 11:49 a.m. EDT on Monday. This drop appears to be a continuation of the sharp decline that began last week after Merck (NYSE: MRK) and Ridgeback Biotherapeutics announced positive results from a late-stage study of COVID-19 pill molnupiravir. Other vaccine stocks also are continuing to fall in response to Merck's good news.
These innovative stocks have been beaten down recently, but they could make patient investors a lot richer by the turn of the decade.
The time to buy airline stock is now, argues Morgan Stanley.
“One-two punch definition: Two unpleasant things that happen together,” says the Cambridge Dictionary. It certainly feels like Alibaba (BABA) is right now on the receiving end of this dual blow. Not only does the Chinese ecommerce giant currently have to contend with the prospect of slowing growth, but it is also facing an increasingly strict regulatory environment, as the Chinese government has been flexing, cracking down on any segment or organizations deemed to have gotten – to use another we
How should you handle leading growth stocks in a stock market correction? Nvidia shows how to sell or hold.
Evergrande's stock was suspended from trading on Monday as the debt-ridden Chinese company nears a deal to sell its property management unit.
Last week, all three major U.S. indices took a hit, though the tech-heavy Nasdaq Composite fell further than the S&P 500 or the Dow Jones Industrial Average. For instance, Fastly (NYSE: FSLY) stock is now down about 70% from its all-time high. Its edge cloud platform accelerates and secures the delivery of content (e.g.
After a woeful September for optimists, the stock market's bullish patina is being further chipped away to start October, with at least one main benchmark and a number of sectors perilously close to a correction.
The 800+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the second quarter, which unveil their equity positions as of June 30th. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive […]
