Pritzker family

Pritzker family

▪ American business family
      American family prominent in business and philanthropy during the later 20th century.

      The family's fortunes began with Abram Nicholas Pritzker (b. January 6, 1896, Chicago, Illinois, U.S.—d. February 8, 1986, Chicago), who was the son of a Ukrainian Jewish immigrant who had come to Chicago in 1881 from Kiev. Abram Nicholas graduated from Harvard University with a law degree in 1920 and then went to work in his father's law firm (later known as Pritzker & Pritzker). He and his brother, Jack Nicholas Pritzker (b. January 6, 1904, Chicago—d. October 30, 1979, Chicago), left the firm in 1936 to try their hand at commerce, investing in real estate and small companies, particularly around the Chicago area. The family fortune quickly grew, and they managed to protect their profits from heavy taxation by putting the money into a number of trusts. Abram Nicholas also became a philanthropist on a large scale, helping establish the Pritzker School of Medicine at the University of Chicago and giving several million dollars annually to other causes.

      The Pritzker business empire continued to expand under the direction of Abram Nicholas's sons, Jay Arthur (b. August 26, 1922, Chicago—d. January 23, 1999, Chicago), Robert Alan (b. June 30, 1926, Chicago), and Donald Nicholas (b. October 31, 1932, Chicago—d. May 6, 1972, Honolulu, Hawaii). In 1957 they bought the Hyatt House hotel in Los Angeles and built this investment over the years into a chain of more than 150 Hyatt hotels in the United States and abroad. Jay and Robert specialized in buying financially troubled companies and rejuvenating them into profit-making enterprises. By the mid-1980s the Pritzker family owned significant real estate holdings and hundreds of companies and subsidiaries, including the Hyatt Corporation, Royal Caribbean Cruises, and Ticketmaster (sold 1993). Their largest business interest was the Marmon Group, a diversified holding company whose businesses included Wells Lamont (gloves), Trans Union (credit reporting), and interests in construction, transportation, and water treatment.

      In 1979 Jay expanded the family's philanthropic work by endowing the Pritzker Architectural Prize (Pritzker Prize), which includes a $100,000 award. In the early 21st century Forbes magazine estimated that the family's wealth exceeded $15 billion.

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Universalium. 2010.

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