Paramount Hotel Group Adds Hotel Indigo Newark Downtown to Portfolio

USA, Fairfield, New Jersey. May 31, 2018

Paramount Hotel Group, a growing full-service third-party hotel management company, announced today that it has been awarded the management contract for the Hotel Indigo Newark Downtown. Ethan Kramer, President of Paramount, made the announcement.

The Hotel Indigo is located at 810 Broad Street in Newark, New Jersey at the southernmost end of the Passaic River, just one block from the Prudential Center and a short walk to the New Jersey Performing Arts Center (NJPAC).

The 12-story, 90,000 square-foot hotel building was erected in 1912 and designed by Cass Gilbert as the National State Bank. With exposed brick, beautiful windows, and unique loft configurations, each of the hotel's 108 guest rooms features decor and artwork that reflect the neighborhood's spirit of innovation and invention.

All rooms are equipped with iPads, from which guests can control room service, housekeeping service and window shades, among other features. A business center and fitness center are also on-site. A 4,000 square foot restaurant is located on the ground floor and open for breakfast, lunch and dinner. The signature, one-of-a-kind Ainsworth Rooftop Lounge provides a spectacular view of the New York City skyline. It is open to guests and non-guests alike and features a collection of classic cocktails, American noveau creations and a late-night menu.

“We are excited to have been selected to manage this Indigo hotel,” said Kramer. “With this change, Ownership is focusing on Paramount's core strengths to drive revenue, maximize profitability and provide a quality customer experience.”


/ SLIDES

About Paramount Hotel Group

Media Contact:

Ethan Kramer
President
Paramount Hotel Group
T: 973-882-0505
E: ekramer@paramounthotelgroup.com
W: http://www.hparamounthotelgroup.com

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Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.