“Each of these hotels is well positioned in its respective property category and competitive market,” said Kramer. “They are great additions to our portfolio, not only for that reason but also because they allow us to expand our reach as a company.
Paramount Hotel Group (PHG), based in Fairfield, N.J., manages individual assets and portfolios of select-service and full-service hotels. As an approved operator for the major hotel brands, Paramount provides comprehensive owner services to capital partners. With a skilled team of industry professionals, Paramount excels in the investment analysis on hotel acquisitions, driving revenue, and producing superior operating margins for high net worth and institutional investor owners. In aligning its efforts with owner objectives, PHG has an exceptional record of producing significant investment returns for owners.
FAIRFIELD, NJ—Paramount Hotel Group has signed agreements to provide third-party management services on behalf of four hotels owned by a mix of institutional and private investors. All four hotels are in various stages of renovation, and Hospitality CPM (h-cpm), a construction project management firm, will oversee their completion.
Starwood Hotels & Resorts Worldwide, Inc. today announced that its trailblazing Element brand plans to open a third hotel in Florida, less than a mile from Universal Studios Orlando. Element Orlando is slated to debut in July 2016, following next year’s opening of both Element Orlando North and Element Miami Doral. Owned by Barakat Orlando Resort, LLC, developed by GCD Associates, and managed by New Jersey based Paramount Hotel Group, Element Orlando will offer 151 stylish, sustainable rooms and a light-filled atmosphere designed to fuel a life in balance and on the move.
Paramount Hotel Group, an independent hotel management and ownership company, today announced it signed management contracts to operate the Aloft Lexington and Element Lexington hotels here in suburban Boston. It also marks a new relationship with real estate investment firm, Rockwood Capital, which recently acquired the hotels from Starwood Hotels and Resorts, Worldwide, Inc.
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.
“We have been owners and operators of hotel properties, as well as third-party operators, since our company’s inception,” said David A. Simon, CEO of Paramount. “Due to the substantial upswing in distressed property sales this year, we see significant demand for third-party operators who can turn these properties around and create new value for investors.