"The Boston market has been hard hit, but it is showing the first signs of improvement," says David Simon, Paramount CEO. "Paramount will immediately focus on margin improvement and new marketing initiatives to improve the properties' bottom lines and to begin to build long-term profitability in the hotels." Simon adds that the company will take advantage of its six other hotels in the area to achieve "economies of scale" in cross-marketing, purchasing and management.
The hotels are located at the intersection of Routes 1, 128 and 95 and are situated near the Centennial and Lynnfield Office Parks, Downtown Boston and the airport.
This deal brings to four the number of new management contracts signed by the Fairfield, NJ-based company in the past eight weeks. "We are seeing growing interest from hotel owners who seek more aggressive, results-oriented management," notes Simon. "We have an active pipeline of management opportunities both as independent, third-party operators and as co-investors with owners." Paramount Hotel Group was founded in 1999 and currently manages and/or has ownership interests in 25 properties, with more than 3,000 rooms.
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