Paramount Group Buys Booking Service

FAIRFIELD, NJ-Paramount Hotel Group, based here, has acquired Market Segments Inc., a national hotel booking organization, from Blackstone Capital. Details of the transaction, including the sale price, were not released. MSI will keep its name and operate as a PHG subsidiary.

“This acquisition reflects our strategy of maintaining our market position in the hotel industry and targeting value-add investment opportunities,” says Ethan Kramer, PHG president. “Over the next several months, we plan to launch an outreach program to current hotel clientele in an effort to develop synergies between Paramount and MSI, as well as initiate a new business plan.”

As part of developing those synergies, Paul DeMarco, VP of sales and marketing for PHG, will also serve as VP of sales for MSI. Ellen Lurz, MSI’s principal operating officer, will continue in that role.

The seven-year-old PHG currently manages and/or has ownership interests in 28 properties with more than 3,000 rooms. It has managed properties under such major brands as Marriott, Hilton, Radisson, Sheraton, Crown Plaza, Holiday Inn, Ramada and Howard Johnson.