Luxury hotelier Pyramid Hotels & Resorts, Inc. announced that it has decided not to proceed with its planned $275 million initial public offering plan in light of current public market conditions.
Pyramid Hotels filed its registration statement on Form S-1 with the U.S. Securities and Exchange Commission on December 7, 2009. Pyramid Hotels had planned to list its common stock on the New York Stock Exchange under the symbol "PYR".
According to the filings, Pyramid Hotels & Resorts would have formed a strategic alliance with Pyramid Hotel Group, a hotel and resort management company which was co-founded in 1999-2000 and is owned by company's Chairman and Chief Executive Officer Richard Kelleher, President and Chief Operating Officer Warren Fields and James Dina.
Boston, Massachusetts-based Pyramid Hotels is an internally managed company, which was incorporated in November 2009. According to the regulatory filings, Pyramid Hotel Group manages portfolio of 52 hotels including nine spas and 18 golf courses in the U.S.
Pyramid Hotels had also planned to sell shares through private placements to Kelleher, Fields and Dina. In its recent filing about the withdrawal of the offering, the company said it may undertake the subsequent private offering.
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