Although the COVID-19 pandemic has dealt a serious blow to the hospitality sector but business arrangements appear to be picking up. According to industry sources, fears of distress sales have been replaced by news of upcoming deals and consolidations.
One of the significant deals which recently took place in the global space was Aimbridge Hospitality, a leading global hospitality company, acquiring Dallas-based Prism Hotels & Resorts, an award-winning, full-service hotel management, investment and advisory services company. The latter represents more than 48 properties across the United States, from multiple institutional and private owners including urban, suburban and resort destinations, and hence will further expand Aimbridge&rsquos portfolio.
Launched in 2003 with eight properties, Aimbridge Hospitality &ndash with its global headquarters in Plano, Texas (US) &ndash is a leading, global, third-party hotel management company operating branded full service, select service, luxury hotels, destination resorts, convention centres and lifestyle hotels. Aimbridge merged with Interstate Hotels & Resorts in 2019, and represents a premium portfolio of more than 1,500 branded and independent properties in 49 states and 20 countries, according to the company website.
The announcement of the acquisition was jointly made by Aimbridge President & CEO Michael J. Deitemeyer and Prism Hotels & Resorts President & CEO Steve Van. However, they did not disclose the terms of the deal.
According to a release by them, in addition to a strong presence in traditional hotel management, Prism also offers industry leading hotel receivership advisory and &ldquoturnaround&rdquo services involving the management and restructuring of properties that are economically distressed.
&ldquoIn a year marked by immense change, it&rsquos fitting that we announce the biggest moves in our company&rsquos storied 38 year history,&rdquo said Stee Van said.
Said Michael J. Deitemeyer, &ldquoWith our global resources and Prism&rsquos 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&rsquos incredible Most Satisfied Owner approach and robust lender services arm to new heights together.&rdquo
Over the years, Prism Hotels & Resorts developed a reputation for operational excellence by increasing hotel performance and delivering measurable results, according to the release. 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.
