DALLAS—Prism Hotels & Resorts is retaining 100% of its corporate team in the wake of the COVID-19 pandemic dramatically impacting the hospitality industry.
“During this pandemic that has hit the hospitality industry hard and fast, Prism is focused on maintaining our commitment of delivering results at the highest level for our owners,” said Steve Van, president/CEO, Prism Hotels & Resorts. Such performance can only exist if we continue to invest in our people first, who will in turn produce results. At a time when many of our competitors are cutting personnel resources by up to 70%, Prism has retained our full corporate team because we believe that expertise, consistent owner communication and creative problem-solving are more important than ever.”
He continued, “By only focusing on management and not owning our own hotels, we are able to focus squarely on the success of the properties we manage and continue to support our owners through this time. We recognize that while these are difficult circumstances for everyone, it’s our people that drive our success, and how we deliver for our owners right now matters more than ever before.”
As the industry grapples with the effects of the virus, management companies are laying off staff and many hotels are closing temporarily. Prism reports that it has maintained a portfolio RevPAR index of 139.5 (growth of 35%). Additionally, during the month of March, Prism’s Hyatt Regency LAX increased market share from 120% to 301%.