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Bain Capital Credit, Ares Management Provide Unitranche Credit Facility to Pyramid Global Hospitality

March 06, 2023, 07:55 AM
Filed Under: Hotel & Resort

Bain Capital Credit closed a senior secured unitranche credit facility provided by Bain Capital and Credit funds managed by Ares Management (“Ares”) to support the refinancing and growth of Pyramid Global Hospitality (“Pyramid”), a portfolio company of TZP Group, a multi-strategy private equity firm, and Gencom, a hospitality focused investment manager. Bain Capital Credit and Ares served as joint lead arrangers on the facility, and Ares acted as administrative agent.  Terms of the credit facility were not disclosed.

Headquartered in Boston with offices in The Woodlands, Texas, Cincinnati, Ohio, and London, Pyramid is a leading hotel management company operating in the U.S., Caribbean, and Western Europe.  The organization’s global portfolio spans more than 230 hotels, resorts, and conference centers, both branded and independent.

“With Ares and Bain Capital’s investment, Pyramid is well-positioned to continue on its growth trajectory while building on its industry-leading value proposition in order to better serve hotel owners and partners,” said Warren Fields, CEO of Pyramid.  “We look forward to their support as Pyramid continues to invest in its people, properties, and solutions.”

“We are excited to continue our longstanding relationship with both TZP and Pyramid. We have been impressed by the team and their success building a leading platform in the hospitality space. We look forward to supporting their ongoing growth,” said Brooke Epstein, Managing Director in the Ares Credit Group.

“We appreciate the relationship we have developed with TZP and are delighted to support their continued growth plans for Pyramid with a compelling capital solution that suited their needs,” said June Huang, a Director at Bain Capital Credit.  “Pyramid is widely recognized as an industry leader in the hotel management space and has long been entrusted by investors and property owners to maximize value for its stakeholders. We are proud to support Pyramid in its next phase of growth.”

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