The History of Prism Hotels
How We Became The Industry’s Leading Hotel Management Company
Founded in 1983 by CEO Steve Van as a developer of luxury hotels in Texas, Prism Hotels has since grown into an award-winning full service hotel management, investment, and advisory services company with a reputation for operational excellence and delivering measurable results. The genesis of this success story began in the early 1980’s, when Steve and a small group of partners embarked on building, buying, repositioning, and operating some of the most well known landmark luxury hotels in Texas. Among the distinguished list include: The Houstonian Hotel, Club and Spa in Houston, The Melrose Hotel in Dallas, The Hyatt Hotel in Austin, and the Westchase Hilton Hotel in Houston. During this time, Prism Hotels began to establish itself as one of the premier boutique developers and operators in the Southwest United States and equally as one of the savviest investors in the hospitality industry.
In the late 1990’s, Steve and his talented team of hospitality professionals realized that the next downturn in the hotel economy was on the horizon and that future chapters of the Prism story would involve minimizing their ownership exposure and growing the operating division of the organization. This would enable Prism to enter the hotel management arena with enough critical mass and bench strength to compete with the well-known operators of the time. It was around that time that Steve began to realize that the emerging Commercial Mortgage Backed Securities industry was in need of a qualified hospitality expert.
Attending a CMBS conference in 1998, not knowing what to expect, Prism was (and to this day still is) the only “Hotel Expert” at these conferences. As a result of that decision to attend the conference, Prism has since managed over 115 hotels throughout North America and The Caribbean on behalf of these CMBS lenders and forged relationships with the Secured Mortgage industry that is unrivaled. Prism will be holding its 13th annual conference, “Fishing for Solutions”, for these institutional lenders as a way to further educate them on the nuance of hospitality and introduce them to some of the key communicators in the hotel industry.
During this time, Steve and his top hotel management team also began to assemble a world-class division of operators from the recently spun-off Bristol Hotels and Resorts. The cultural, philosophical, and fiscally conservative parallel between Prism and Bristol was immediately obvious. In 2001 and 2002 when the rest of the hotel world was laying off and downsizing, Prism was rapidly expanding its portfolio of managed hotels with a blend of institutional owners, CMBS lenders, and private ownership groups. As a result of experiencing this enormous growth during the worst time in hotel history, Prism remains very passionate about creating financial success on both the top and bottom line in all of our hotels.