Prism Hotels & Resorts Retains Management of Hyatt Regency Los Angeles International Airport as Hotel Changes Ownership
Dallas-based Prism Hotels & Resorts, an award-winning, full-service hotel management organization, announced today that it has retained management of the Hyatt Regency at Los Angeles International Airport. The announcement comes as the hotel has changed ownership, recently sold by Amalgamated Bank to the Southwest Carpenter’s Trust Fund.
“We are thrilled to continue our journey with Prism Hotels & Resorts, a partner who truly embraces the spirit of the Hyatt family and brings our purpose of care to life at Hyatt Regency Los Angeles International Airport every day,” said Mark Hoplamazian, President and CEO, Hyatt.
Prism Hotels & Resorts was engaged by Amalgamated Bank as the hotel’s management company in 2016, as the 581-room hotel was undergoing a $75 million rebrand and renovation to become a Hyatt Regency. Today, the hotel features 35,000 square feet of luxury conference center space, a 13,500 square-foot high-end grand ballroom, two beautiful events lawns—the Hyatt Regency Park and the Hyatt Regency Grove—totaling 12,000 square feet, and a pool deck surrounded by lush and contemporary spaces. The property has received numerous awards including the Hyatt Hotel of the Year 2018 by Global Hyatt for full-service franchise hotels and Hyatt Conversion of the year in 2017. Prism was named Best Hyatt Operator in the Americas in 2017.
“Retaining management of this incredible hotel as it shifts ownership speaks to how our Most Satisfied Owner approach is working and delivering for our owners,” said President & CEO of Prism Hotels & Resorts Steve Van. “The hospitality industry has faced enormous challenges over the past year, and we’ve heard more from owners that our expertise, intense focus on results and strength of our relationships matters today more than ever. Our RevPAR results for this hotel speak for themselves, and our longstanding relationship with Hyatt continues to put us in a specialized position to achieve unmatched outcomes.”
Prism’s achievements during its management tenure illustrate why the organization was retained by the Carpenter’s Trust Fund to continue delivering success. In 2020, the hotel’s RevPAR Index was 149.1 and its RevPAR Index Growth was 22.9. Furthermore, the data over the past four years highlights a story of Prism’s consistency in outcome and ability to beat competitive sets by margins over a sustained period. The four-year RevPAR Index Average is 149.1 and RevPAR Index Growth Average is 8.95.
Coupled with impressive results, Prism’s industry reputation for managing great hotels, as well as the company’s focus on building and maintaining relationships, continues to fuel its growth and continued opportunities—most recently evidenced by the retention of this contract. Since 2016, Prism has managed three properties owned by the United Brotherhood of Carpenters (UBC), including their International Training Center (ITC), Homewood Suites by Hilton and Tru by Hilton, all located in Las Vegas. The ITC was developed as a training facility for members of the UBC. At over 1 million square-feet, the center consists of 300 dorm-style rooms, a 24-hour cafeteria and refreshment bar, banquet and event space, lounge, and several classrooms, theaters, training venues and recreational facilities.
“Working with the UBC, the Southwest Carpenter’s Trust Fund saw firsthand our management approach,” said Van. “As the Fund assumes ownership of the Hyatt, we’re more than thrilled to continue doing great work at this hotel and offer a hospitality experience like no other.”
For more information, please visit www.prismhotels.com.
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 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. For more information, please visit www.prismhotels.com
