The merger will create a “leading” international group that will together manage a total of 141 hotels with 32,000 rooms across eight countries, and £5.3bn of assets under management.
Hamilton Hotel Partners specialises in helping hotel owners maximise returns on capital. It currently provides co-investment, hotel management, hotel asset management, and acquisition and development advisory services to hotel investors and owners.
Pyramid Hotel Group, which is privately owned, provides a “full-spectrum” of institutional hotel management, asset management, project management and consulting services. It is the third-largest independent hotel management company in the US and currently operates 90 hotels and resorts.
The merger was in response to Pyramid’s “desire to rapidly expand” their management platform in Europe. It will allow both companies to have a “multinational base”, as well as access to institutional investors in the US, UK, Europe and the Middle East.
Frank Croston, partner and co-founder of Hamilton Hotel Partners, said: “The appetite for hotel investment activity in Europe remains strong. Capital sources are seeking qualified and aligned management partners to support their growth ambitions.
“This merger allows us to significantly accelerate our own organic plans for growth and to benefit hugely from the high quality and highly experienced team at Pyramid.”
Warren Fields, co-founder and CEO of Pyramid added: “We have been seeking a European partner for what seems like a long time. We have found the right partners in Hamilton and we believe we can create significant synergies and growth opportunities on both sides of the Atlantic.”
“Our combined abilities will position us as a leading provider of hotel management and asset management services providing unrivalled service to both private equity and institutional investors alike.”