Paramount is a mid-size hotel owner and manager founded in 1999. Alex Brown is a Baltimore-based value-add investor.
Paramount CEO David Simon declined to reveal the sale price, but Merrimack County records show duo paid a transfer tax of $123,750 based on a fee of $15 per $1,000 paid. The property is located at 515 South St.
The acquisition marks the first joint venture between the two firms. Operating under the name Concord Hotel Investors LLC, the companies say they are planning a "substantial renovation" of the property.
Paramount currently owns and manages 29 hotel properties, including hotels in the New Hampshire cities of Manchester and Portsmouth.
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