July 17, 2012 · 0 Comments
BOSTON, Mass., (www.hospitalitybusinessnews.com) July 17, 2012–Officials of Pyramid Hotel Group, the nation’s second largest independent hotel management company by revenues, today announced that it has been selected to operate the 315-room Westin Imagine, Orlando, Fla., and the 194-room Holiday Inn San Antonio NW SeaWorld, San Antonio, TX.
“These are excellent properties that have the potential to be market leaders in their segments, and our goal is to make pronounced improvements in the properties’ operating results and profitability,” said Warren Fields, Pyramid’s chief investment officer. “We look forward to the opportunity to continue to build on our long-term relationships with the hotels’ respective associates and ownership groups.”
Commenting on the current state of the hotel industry, Fields noted that many lenders are taking control of assets and looking to proven operating partners, such as Pyramid, to help them position the assets to improve cash flow and increase the property’s value. “Creating the right positioning and strategy for a hotel is the key to profitability and ultimately to the successful sale of the asset,” he said. “All of the hotels added to our management portfolio in the past year have gained market share against their respective competitive set and greater markets.
“We see more management growth opportunities ahead as the industry continues its rebound and the rate of hotels changing hands keeps increasing. We also remain active with special servicers and lenders, serving as a receiver for their properties that have been unable to recover from the downturn.”