Hospitality Consolidation Continues: Benchmark, Gemstone Hotels Merge
Gemstone Hotels & Resorts just merged with Benchmark Hospitality International—the newly created entity manages 58 independent properties, mostly in the US.
The company will be based in Houston and Burt Cabañas, founder and chairman of Benchmark Hospitality, will continue on as chairman while Alex Cabañas takes the CEO position, Commercial Property Executive reports.
The new entity hasn’t been named yet and the two firms are working together on a branding strategy to outline the consolidated company’s future layout and acquisition plan. Almost all properties in the two companies’ combined portfolio are in the US, with the majority in California and Florida. [CPE]