Prism Takes Over 12-Property, 1,877-room Portfolio
NYC-based REIT selects Prism to takeover and turnaround hotel properties in three states
DALLAS - February 21, 2012 - Dallas-based Prism Hotels & Resorts has been selected to takeover and manage a 12-property, 1,877-room hotel portfolio, which includes Courtyard by Marriott, Four Points by Sheraton and Holiday Inn hotels in Pennsylvania, Maryland and North Carolina.
“Our lender clients choose Prism because we stop the bleeding and immediately start restoring value to hotels, and all is done in a seamless manner even with large portfolios like this one,” said Steve Van, chief executive officer of Prism Hotels & Resorts.
Prism currently manages 52 properties in 18 states nationwide, including all major brands and independents. The company has a hotel receivership practice with more than 275 assignments to date.
“Our extensive experience working directly with lenders and our ability to attract top talent, as evidenced by our 92% employee satisfaction rate, allows Prism to provide the stability and capital appreciation opportunities that our clients seek,” added Van.
As an additional service to clients, Prism has created an interim hotel brand called InnPlace, which serves the flag needs of a hotel at greatly reduced costs, including no Property Improvement Plan (PIP) requirements or termination fees. Prism may flag some of the 12 hotels in this newly-acquired portfolio with the InnPlace brand.
About Prism Hotels & Resorts
Dallas-based Prism Hotels & Resorts is one of the fastest growing full-service hotel investment, management and development companies in the United States. The company currently manages more than 7,500 rooms for multiple owners including urban, suburban and resort destinations. Prism is approved to manage all major brands, as well as has extensive experience with independent destination hotels.
For more information, please visit www.prismhotels.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
