Prism Hotels & Resorts Acquired by Aimbridge Hospitality
Main Photo: Hilton El Conquistador Tucson
Date: December 2021
Names: Some 50 hotels across the USA under brands such as Hilton, Hyatt, IHG and Marriott
Locations: Across the USA
Number of Keys: TBA
Seller: Prism Hotels & Resorts
Buyer: Aimbridge Hospitality
Dallas-based Prism Hotels & Resorts, an award-winning, full-service hotel management, investment and advisory services company representing more than 48 properties across the country, has been acquired by Aimbridge Hospitality, a leading global hospitality company.
Aimbridge Hospitality is a leading, global hospitality company offering best-in-class hotel management services across a broad spectrum of franchised branded full service, select service, luxury hotels, destination resorts, convention centers and lifestyle hotels.
Aimbridge’s premium portfolio represents approximately 1,500 properties in 49 states and 20 countries, inclusive of pipeline. With the most robust brand diversity in the industry, Aimbridge and its affiliates represent 84 lodging brands, in addition to more than 82 independent boutique/lifestyle hotels in the portfolio.
In addition to a strong presence in traditional hotel management, Prism boasts the industry leading hotel receivership advisory and “turnaround” services involving the management and restructuring of properties that are economically distressed.
“In a year marked by immense change, it’s fitting that we announce the biggest moves in our company’s storied 38 year history,” Steve Van said. “Close relationships have become integral to our company’s identity, and we place tremendous value in our people with whom we’ve grown together and the great properties we service. It’s with those values in mind that we have selected Aimbridge Hospitality to carry the Prism legacy forward.
Founded in 1983 by President & CEO Steve Van, Prism Hotels has evolved into an award-winning full-service hotel management company with a well-earned reputation for delivering extraordinary results and maintaining that performance over time.
In the early 1980s, Steve and a small group of partners began building, buying, repositioning, and operating some of the most well-known landmark luxury hotels in Texas—The Houstonian Hotel, Club and Spa in Houston, The Melrose Hotel in Dallas, The Hyatt Hotel in Austin, and the Westchase Hilton Hotel in Houston. Prism was quickly established as one of the premier boutique developers and operators in the Southwest. Over time, our talented team of experienced professionals began to identify an opportunity to leverage our extensive hands-on management expertise and deep national relationships to grow our management portfolio.
“Aimbridge’s access to best-in-class resources and systems, coupled with their highly effective and experienced leadership team and deep understanding of our Most Satisfied Owner philosophy, makes them a perfect fit. The Prism Difference is alive and well, and we know the passion and dedication of our teams on the ground will continue to shine through this transition. We are inspired by this opportunity and excited to be part of Aimbridge Hospitality as we write the next chapter of history together. Our best is yet to come.”
“We are excited to continue Aimbridge’s growth with the acquisition of Prism,” Michael Deitemeyer said. “With our global resources and Prism’s stellar reputation, this acquisition presents great opportunity for all of us. We look forward to welcoming their hotels, owners and talented team to Aimbridge and taking Prism’s incredible Most Satisfied Owner approach and robust lender services arm to new heights together.”
As an award-winning, full-service hotel management company, Dallas-based Prism Hotels & Resorts has developed a reputation for operational excellence by increasing hotel performance and delivering measurable results. Recently, Prism was selected as 2021 Strategic Partner by Hyatt. The company was also named Best Full-Service Operator in The Americas by Hyatt, received back-to-back Connie Pride Merit Awards from Hilton, and earned Franchise Hotel of the Year for the Hyatt Regency LAX.
With 35 years of experience, Prism leverages top industry talent to produce a best-in-class experience that extends from the front desk to the bottom line. Prism manages a portfolio of over 30 hotels from multiple institutional and private owners including urban, suburban and resort destinations. The company has expertise managing all major brands as well as independent destination hotels.
Price: Undisclosed
THPT Comment: As 2021 draws to a close, this latest piece of consolidation confirms that M&A activity is alive and well despite the pandemic. Congrats to both parties.
First Seen: Hotel-online.com
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