London-based hotel management and investment firm Hamilton Hotel Partners and Boston-based full-service hotel and resort company Pyramid Hotel Group have agreed to merge, creating an international group that will manage or asset manage a total of 141 hotels with 32,000 rooms across eight countries, the companies announced. The value of the assets under management total £5.3 billion.
Terms of the deal were not disclosed.
Hamilton operates or asset-manages more than 50 hotels across Europe. Pyramid, which claims to be the third-largest independent hotel management company in the U.S., operates 90 U.S. hotels and resorts both independently and under hotel brands including Marriott International, Hyatt Hotels Corp., Hilton Worldwide and InterContinental Hotels Group. It also has offices in Boston, Cincinnati, Phoenix and Dublin.
The merger was driven by Pyramid's "desire to expand its management platform in Europe, in response to the return of strong U.S. investor appetite." Both the Pyramid and Hamilton brands will be retained for the foreseeable future, according to the companies.