Paramount Announces Acquisition of Market Segments, Inc.
FAIRFIELD, NJ, APRIL 13, 2006. Paramount Hotel Group, recognized as one of the premier hotel management and development companies in the United States, has announced the acquisition of Market Segments, Inc. (MSI), a national sales organization that specializes in booking hotel reservations throughout the United States. Paramount Hotel Group acquired Market Segments from Blackstone Capital. MSI will maintain its name and become a subsidiary of the Paramount Hotel Group.
Paramount Hotel Group plans to significantly grow the current list of market segments MSI serves, as well as identify and secure new demand opportunities. Ellen Lurz, the principal operating officer at MSI, will continue in her primary sales role but will also be involved in planning the future growth and development at MSI. Paul DeMarco, who currently serves as vice president of sales and marketing for Paramount Hotel Group, will serve as the vice president of sales for MSI.
"We are pleased to announce the acquisition of Market Segments, Inc.," said Ethan Kramer, president of Paramount Hotel Group. "This acquisition reflects our strategy of maintaining our market leadership position in the hotel industry and targeting value-add investment opportunities. Over the next several months, Paramount plans to launch an aggressive outreach program to current hotel clientele in an effort to develop synergies between Paramount and MSI, as well as initiate a focused new business plan."
MSI represents hotels across the country and in Canada and specializes in booking groups of all sizes, matching the hotel that best fulfills the group's unique needs and requirements. MSI works with a various mix of groups, but focuses on accommodating tour, corporate, academic, athletic and specialty market segments. Clients benefit from MSI's buying power, knowledge, personalized service, commitment, and convenience that has earned it long-term partnerships throughout the hotel industry.
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