Paramount Hotel Group Plans to Add 8-12 Hotels to Managed Portfolio
Steve Wilson Hired as Vice President of Development to Lead this Initiative
FAIRFIELD, NJ - September 14, 2011 - Officials of Paramount Hotel Group, an independent hotel management and ownership company, today announced plans to aggressively ramp up its third-party management business and expects to add eight to 12 new properties to the company's portfolio over the following 12 to 18 months. To lead the new initiative, the company announced that Steve Wilson has joined Paramount as vice president of development.
“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. We have the infrastructure and systems in place well beyond the typical operator, including highly experienced operating staff, as well as renovation and repositioning expertise, all of which will be critical to the success of these properties.”
“Steve brings more than 30 years of owner and hotel investor relationships to Paramount along with a strong sales approach to business,” Simon added. “In addition to long-standing relationships with institutional investors, he has strong ties to passive investor groups that are seeking alternative investments, like hotels, that can generate appropriate risk-adjusted returns. We expect to work with owners who have sourced their own deals, as well as work with investors to identify suitable acquisition opportunities.”
The company initially will target individual properties in the eastern half of the country, but has the interest and capabilities to manage nationwide in a portfolio situation. The focus will be on branded and independent properties, ranging from 100-room, select and limited-service hotels to 500-room, full-service hotels.
Prior to joining Paramount Hotel Group, Wilson was vice president of franchise development for LaQuinta Inns & Suites. Previously, he was director of development for U.S. Franchise Systems. He began his career in operations with the Sterling Group.
“Like the other members of Paramount's senior management team, I have owned hotels and fully understand and appreciate owner issues and concerns, which is how Paramount uniquely approaches management,” Wilson said. “Paramount's laser focus on sales and marketing, coupled with its owner mentality and proprietary operating systems, gives Paramount a significant competitive advantage.”
About Paramount Hotel Group
Paramount Hotel Group is a third-party, independent management and ownership group that focuses on hotel operations, acquisition and development opportunities, construction management and technical services support. Additional information about the company may be found at www.paramounthotelgroup.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
