Industry Update
Press Release 6 February 2020

Hamilton Hotel Partners And Pyramid Hotel Group Agree Merger

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Pyramid Hotel Group

The Boards of Hamilton Hotel Partners ("Hamilton" or "the Firm"), an independent London-based hotel management and investment firm, and Pyramid Hotel Group ("Pyramid" or "the Group"), a privately-owned full-service hotel and resort company based in Boston are delighted to announce today that they have completed a transaction that involves the merger of the two businesses.

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The merger will create a leading international group that will manage or asset manage a total of 141 hotels with 32,000 rooms across 8 countries, and £5.3bn of assets under management.

Hamilton is an independent hotel management and advisory firm based in London covering Europe, Middle East and Africa. The Firm specialises in helping hotel owners maximise their returns on capital, providing co-investment, hotel management, hotel asset management, and acquisition and development advisory services to a range of hotel investors and owners including private equity funds, institutional real estate investors, family offices and sovereign wealth funds. Hamilton currently operates or asset manages over 50 hotels across Europe.

Pyramid is a privately-owned hotel and resort management company with offices in Boston, Cincinnati, Phoenix and Dublin. With over 40 years of experience throughout the United States, Caribbean and Europe, Pyramid offers the full spectrum of institutional quality hotel management, asset management, project management and consulting services. Pyramid is currently thethird largest independent hotel management company in the U.S., operating 90 US hotels and resorts both independently and under the world's largest hotel brand companies including Marriott, Hyatt, Hilton and IHG

The merger will enable Hamilton to leverage Pyramid's extensive institutional hotel management infrastructure and Pyramid will access Hamilton's unrivalled hotel advisory, asset management and management experience and track record in Europe. It was driven by Pyramid's desire to rapidly expand their management platform in Europe, in response to the return of strong US investor appetite. The combined entity will have a multinational base, providing a full service to institutional investors in the US, UK, Europe and the Middle East.

Post-merger Hamilton will continue to source hotel and resort transactions, co-invest with capital partners and manage hotels and resorts, while drawing on the strengths and experience of the Pyramid team. Both the Pyramid and Hamilton brands will be retained for the foreseeable future.

Co-founder and CEO of Pyramid, Warren Fields, will be the CEO of the combined Group, with Frank Croston and Chris Evans continuing in their roles leading the Hamilton business.

Frank Croston, Partner and co-founder of Hamilton Hotel Partners commented: "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."

Chris Evans, Partner and co-founder of Hamilton Hotel Partners added: "Our firms share the same core values and philosophy with a value-adding, client-centric approach to everything that we do in both organisations. This is a very exciting time for the combined group, and we look forward to the future with confidence."

Warren Fields, co-founder and CEO of Pyramid said: "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." Adding: "this exciting merger will result in an enlarged management platform building on Pyramid's institutional quality management and operational systems and Hamilton's exceptional reputation and experience in the UK and throughout continental Europe. 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. We are delighted to be working with Chris and Frank and their talented team."

About Hamilton Hotel Partners

Hamilton Hotel Partners is London-based independent hotel advisory firm providing clients with a unique combination of world-class advisory skills and unparalleled experience of operations, development and asset management across Europe, the Middle East and Africa. Since 2004, Hamilton has developed a proven track record as a leading operating partner, in both management and asset management, driving performance at the asset level and maximising owner's return on investment. Hamilton's sister-company, Hamilton Hotel Investors, partners with major real estate investors deploying funds into the European hospitality sector. For additional information please visit https://www.hamiltonhotelpartners.com .

About Pyramid Hotel Group

Boston-based Pyramid Hotel Group is one of the predominant hotel management companies in the U.S., managing and asset managing a diverse portfolio of 90 hotels and resorts in destinations throughout the United States, Europe and the Caribbean. For additional information please visit www.pyramidhotelgroup.com .

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