DALLAS--(BUSINESS WIRE)--Officials at Prism Hotels and Resorts today announced that Jeffrey V. Farina has joined the company as senior vice president of business development. He will focus on seeking new third-party hotel management contracts, as well as joint-venture acquisitions. He will be located in Prism’s New York office.
“While Prism is widely recognized as the expert in turning around distressed hotels, approximately 50 percent of our business is long-term hotel management contracts,” said Steve Van, Prism’s president and CEO. “We believe over the next three years, there will be great demand for our expertise from owners who want to benefit from our quick turn-around skill and our superior financial performance in all phases of the business cycle. Jeff will be our primary point of contact for these groups.
“Because we work so closely with special servicers and bankers with distressed assets, we have an acquisition pipeline that others don’t,” he noted. “We have assembled a number of investment groups with different criteria who have the cash and flexibility to invest in individual assets and portfolios valued at up to $300 million. Jeff will play a key role in putting those transactions together.”
Previously Farina was vice president of development for Windsor Capital Group, a privately held hotel management and development firm. He is a former vice president development, Wyndham Hotels & Resorts, where he sourced projects both in the U.S. and Canada. He previously was chief development officer, Benchmark Hospitality International, a national hotel management company. Farina’s career also includes more than a decade of operational experience, primarily in sales and marketing for upper upscale and luxury hotels, resorts and conference centers.
He holds Bachelor of Business Administration and MBA degrees from Iona College and currently is an adjunct professor in the hospitality management program of Monroe College. He is a former president and chairman of the International Association of Conference Centers (IACC).
“Our success is built on a combination of cutting-edge technology and proprietary take-over and long-term operating systems, along with a highly disciplined management team with in-depth operating expertise,” Farina said. “The company has augmented its management team with the addition of 25 new executives, including the addition of David Martin as COO in 2009. Prism is well positioned with the systems and team in place and the financial strength and flexibility to respond quickly and creatively to virtually any situation.”
About Prism Hotels & Resorts
Founded in 1983, Prism Hotels & Resorts operates and invests in hotels ranging from luxury to premium-branded, focused-service segments, and is approved by all the major brand groups. Historically, about half the company’s portfolio is conventional, long-term contracts with the remainder distressed properties for lenders who have taken back hotel real estate. Prism has a proven track record throughout North America and the Caribbean and currently operates 52 hotels and resorts franchised by such major brand families as Marriott, Hilton, Starwood, IHG and Hyatt, as well as independents. Additional information about the company may be found at www.prismhotels.com.