Aimbridge Hospitality Acquires Prism Hotels & Resorts

The largest third-party hotel management company in the world just got a little bit bigger. 

Aimbridge Hospitality acquired Prism Hotels & Resorts, the companies announced Tuesday. The deal strengthens Aimbridge’s status as a global leader of the hotel management sector and adds more than 48 properties — including the Westin Dallas Stonebriar Golf Resort & Spa (pictured) — to its portfolio.

Prism was the thirty-third-largest hotel management company in 2020, according to a Hotel Management survey of firms.

Pricing of the deal was not disclosed, but the acquisition comes amid a flurry of consolidation in the hotel management space. 

Pyramid Hotel Group and Benchmark Global Hospitality announced a merger earlier this year. Terrapin Hospitality acquired hotel management company K Partners Hospitality the same week the Pyramid-Benchmark deal was announced. 

“In a year marked by immense change, it’s fitting that we announce the biggest moves in our company’s storied 38-year history,” Prism CEO Steve Van said in a statement. “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.”

The wave of deals in the hotel management space comes as general industry sentiment is scale means everything.

The smaller deals announced earlier this year had analysts in agreement that it was about trying to better compete with Aimbridge, which oversees more than 1,500 hotels in 20 countries. 

Aimbridge worked to advance its leading position earlier this year by acquiring Grupo Hotelero Prisma, Mexico’s largest third-party hotel operator. 

“In the management space, you have to get bigger to stay alive,” LW Hospitality Advisors CEO Daniel Lesser told Skift earlier this year.