Benchmark Hospitality has announced a merger with Gemstone Hotels & Resorts which will create a combined portfolio of 58 hotel properties.
Burt Cabanas, Benchmark Hospitality’s founder and chairman, and Gemstone parent Gencom, will become principal shareholders of the new joint business with Cabanas as chairman.
With the market moving toward independent and soft brands, the two hotel management firms see value in combining their portfolio of independently-branded properties, which also include properties in the Curio, Autograph Collection, Tribute, and Preferred Hotels & Resorts brands.
"This merger is in line with our overall strategic growth plans to double the size of our company within five years. With the merger of these two organizations, we’re enthusiastically on our way toward achieving this significant goal, which will ultimately better serve the interests of our property owners," said Cabanas.
Benchmark and Gemstone are currently undertaking a review to determine the new brand positioning and strategy.
Headquarters will be in Houston with regional offices in Park City, Utah and Miami.
"Passion, servant leadership and an entrepreneurial spirit will remain at the foundation of our new combined company. Together, we will combine efforts to offer best-in-class services for our partners," said Jeff McIntyre, Gemstone principal partner.
