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Albuquerque Marriott Pyramid North sold, renovations planned
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Local real estate investment firm Legacy Development & Management has acquired the Albuquerque Marriott Pyramid North, one of Albuquerque’s most distinguishable buildings, and will invest millions of dollars to renovate the hotel.
The purchase price was not disclosed, but Aleem Kassam, the president and CEO of Legacy, said the company acquired the 310-room hotel from Atrium Hospitality on Sept. 8.
“We are thrilled to add this premier Marriott hotel to our portfolio,” Kassam said in a statement. “The Albuquerque Marriott Pyramid North is a trophy asset located within a thriving commercial corridor. Its contemporary rooms, upscale amenities and dedication to superior service align perfectly with our mission to provide memorable experiences for every guest.”
The hotel, located at 5151 San Francisco NE in the Journal Center, will undergo a complete renovation expected to cost $22 million and span up to two years.
The renovation will see upgrades to guest rooms, bathrooms and the conference center. It will add new restaurant and bar concepts, a Marriott M Lounge, a new pool and a state-of-the-art fitness center “in addition to exterior improvements and updated landscaping,” Kassam said.
“Our plan is to renovate and modernize the entire hotel while keeping the Pyramid’s distinct southwestern style intact,” Kassam said.
The Albuquerque Marriott Pyramid North first opened in 1987 as the Holiday Inn Pyramid before later rebranding as the Crowne Plaza Pyramid in the ‘90s.
The hotel was one of the original businesses to set up shop in the Journal Center, which at the time of its construction in 1985 and 1986 was only joined by the Albuquerque Journal’s production facility.
The hotel was the brainchild of John Q. Hammons, who, like former Journal publisher T.H. Lang, saw the future of Albuquerque’s business center moving north along Interstate 25, said Chairman and CEO of Journal Center Corp. Lowell A. Hare. He said the hotel at the time was Hammons’ most expensive project, costing in excess of $12 million.
Hare, who considered Hammons a close friend, said the hotel’s design came in part from Hammons’ fondness for local architecture but mostly for the pyramids in Mexico.
“The Pyramid became a landmark not only within the Journal Center but the entire city,” Hare said. “Mr. Hammons took a significant risk with building the Pyramid.”
Hare added, “I’m very excited about what Legacy has in its plans for improving and updating the Pyramid.”
Legacy, founded in 1978, made a big splash last year when it purchased Hotel Andaluz from Albuquerque-based Goodman Realty Group. Legacy has over a dozen hotels across New Mexico, Washington and Canada, with five hotels in the planning and design phase.
The company also maintains a portfolio of office spaces and multifamily developments.
