LOS ANGELES — Pyramid Global Hospitality has been in growth mode for the past several years, with the biggest boost to its hotel management portfolio coming in 2021 when it merged with Benchmark Hospitality.
Merger and acquisition opportunities remain on the table, according to the company's President and CEO Warren Fields, who added Pyramid executives are "always talking to people." But he said it's important to note his company doesn't seek growth simply for growth's sake. Rather, growth is vital to continue to provide a pipeline of opportunities for the people who built the company from the ground up, he said.
"People always talk about growth in terms of units," he said in an interview with Hotel News Now at the 2023 Americas Lodging Investment Summit. "My idea of growth is it has to be interesting for the organization. That's why the Benchmark deal was good because it really filled a hole for us."
He said opportunities for employees are as key of a driver of potential mergers and acquisitions as anything else.
"Growth is more about how do we create opportunities for our people," he said. "Will we ever be the biggest? I don't know, I doubt it. But we're going to continue to grow because if I have a restaurant manager who wants to become a food-and-beverage director, I have to grow. The company has to grow to provide that person the opportunity so that they can actualize what they want to do in their career."
The company also recently acquired Provenance Hotels, which has a portfolio largely in the Pacific Northwest.
For more from HNN's interview with Pyramid's Warren Fields, watch the video above.