A novel and efficient cascade annulation of tertiary α-hydroxy ketones and dimethyl but-2-ynedioate is reported. The reaction, which only requires a base as the promoter, provides a straightforward access to polysubstituted pyrano[4,3-a]quinolizine-1,4,6(2H)-triones and 2H-pyran-2,5(6H)-diones under very mild reaction conditions.