Third-party management giant Aimbridge Hospitality is adding some 48 more properties (9,021 rooms) to its portfolio with Tuesday’s announced acquisition of Dallas-based Prism Hotels & Resorts, which is well known for its receivership and turnaround services. Terms of the deal are not being disclosed.
Reports suggest Prism President and CEO Steve Van will join Aimbridge as president of the Prism portfolio and continue to operate the group with the additional resources Aimbridge brings to the table. Prism will begin integrating into the Aimbridge home office in Plano, Texas, beginning January 2022.
Prism manages hotels for multiple institutional and private owners, including urban, suburban and resort destinations. The company, with some 2,145 employees, has managed properties for many major brand flags as well as independent destination hotels.
Aimbridge President and CEO Mike Deitemeyer told HOTELS on Tuesday that its focus is growth that expands Aimbridge’s capabilities, scale and innovation to significantly increase value for its hotel owners and opportunities for its associates. “Prism is the right company to join us, with a people and culture fit, a premium portfolio, and unique strengths that complement our team,” he added.
Deitemeyer added that the two parties had preliminary conversations, initially focused on Prism’s success in the receivership space, “and the conversations went on from there… We value the team’s capabilities and Prism’s well regarded reputation in this space.”
Aimbridge, the world’s biggest third-party management company, represents approximately 1,500 properties in 49 states and 20 countries, inclusive of pipeline. Aimbridge and its affiliates represent 84 lodging brands, in addition to more than 82 independent boutique/lifestyle hotels.
Headquartered in Plano, Texas, Aimbridge’s portfolio represents numerous divisions, including lifestyle platform Evolution Hospitality; Aimbridge’s International division, Interstate Hotels & Resorts, which has supporting offices across Europe in Amsterdam, Birmingham, Glasgow, and Moscow; and the company’s division in Mexico, Group Hotelero Prisma, with offices in Monterrey and Mexico City.