Benchmark Hospitality International and Gemstone Hotels & Resorts are the latest hotel companies to merge together to create a portfolio of 58 properties with 10,000 staff members across the globe.
"This merger was a natural fit," explains Benchmark Hospitality International CEO Alex Cabañas. "Not only do we share a similar focus on unique and independent properties, but our organizational cultures and values align extremely well. We felt it was critical to share this exciting news with our clients and employees before the press release went public. Though this has not been common in other industry mergers, for us it was the right thing to do to ensure the change and transition was thoroughly embraced by our ownership clients.”
In the newly-merged company, Burt Cabañas, Benchmark Hospitality's founder and chairman, and Gencom (of which Gemstone Hotels is an affiliate), led by Karim Alibhai, will be the principal shareholders. Burt Cabañas will continue in his role of chairman of the combined companies, the remaining partners of both companies will serve in the following roles with the new entity; Alex Cabañas will serve as CEO, and Jeff McIntyre and Greg Champion will serve as co-presidents and co-chief operating officers.
Thomas Prins, a Gemstone partner, will take on a new managing director role.
Benchmark and Gemstone said the formal coming together represents a response to a market that is rapidly moving towards independent and soft brands, with a strategic focus on experience-driven, destination travel. The combined company aims to further this focus at new and existing properties.
"Gencom is very excited about being a part of this dynamic enterprise," said Karim Alibhai. "This is a merger of two highly sought after companies with superior management capabilities. The management team combined has a wealth of hospitality experience, transcending over all classes of hotels, resorts and conference centers."
Benchmark and Gemstone are currently engaged in a strategic envisioning and branding process to determine the new brand pillars, signature and brand positioning for the consolidated company. The company headquarters will be located in Houston with satellite offices in Park City, Utah, and Miami.
More information on the merger is available at the Benchmark website.
