FAIRFIELD, N.J.— Paramount Hotel Group, an independent hotel management and ownership company, announced the launch of a new expansion initiative with the addition of three new management contracts. Company officials said that the growth is being fueled by relationships with a group of hotel real estate capital partners who seek to acquire hotels with significant upside potential in this phase of the hotel real estate cycle. Paramount expects to add 10 to 12 hotels to its management portfolio in 2013.
The three hotels recently were acquired by Lightstone Value Plus Real Estate Investment Trust Inc., a non-traded REIT. The properties include a SpringHill Suites by Marriott and Fairfield Inn & Suites by Marriott located in West Des Moines, Iowa, and a Courtyard by Marriott in suburban Cleveland, Ohio.
“More hotels are coming to market now and we expect to work closely with The Lightstone Group in the current year to help achieve their growth targets,” said Ethan Kramer, president of Paramount. “Our 30-plus years of hotel experience are a huge benefit for investors in sourcing and analyzing hotel investment opportunities, some of which have hard-to-identify, unique attributes. These properties have intangibles that go beyond repositioning and strong management, often in markets that are overlooked.”