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| Aloft Lexhington Lexington, MA |
LEXINGTON, M.A. and FAIRFIELD, N.J., Feb. 6, 2013— Paramount Hotel Group, an
independent hotel management and ownership company, today announced it signed
management contracts to operate the Aloft Lexington and Element
Lexington hotels here in suburban Boston.
It also marks a new
relationship with real estate investment firm, Rockwood Capital, which recently
acquired the hotels from Starwood Hotels and Resorts, Worldwide, Inc.
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| Element Lexington Hotel, Lexington, MA |
“We are building on our select core of savvy hotel
investment groups who seek value in today’s real estate market, and are
stepping up their acquisition programs,” said Ethan Kramer, president of
Paramount.
“Rockwood, with more
than $6.4 billion invested today, is a sophisticated hotel investor that
matches up well with our strategy of helping source meaningful real estate
opportunities, assist with due diligence and operate the properties upon
acquisition.”
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| Ethan Kramer |
“Paramount has a good eye for identifying hotel real estate
opportunities, especially in suburban markets with good risk / reward
dynamics,” said Tony Larino, Managing Director and Head of Lodging at
Rockwood Capital.
“They provided great due diligence support and presented a
number of strategic and tactical plans to immediately enhance returns. We look forward to the opportunity to work
on additional projects together.”
The two-hotel addition to Paramount’s management portfolio
marks the company’s fourth and fifth new management contracts in 2013, pacing
ahead of the company’s previously announced plan to expand its management
portfolio by 10-12 hotels in 2013.
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| Tony Larino |
Last
month, Paramount added a SpringHill Suites by Marriott and a Fairfield Inn &
Suites by Marriott located in West Des Moines, Iowa, and a Courtyard by
Marriott in suburban Cleveland, Ohio.
These properties,
located just off the Massachusetts Turnpike at 727 Marrett Road in Lexington,
are separate hotels, sharing the same site.
“The Aloft and Element Lexington are less than five years old, in
excellent physical condition and will require minimal enhancements as part of
the change in ownership,” Kramer said.
“Our plan is to build on Starwood’s excellent work and take advantage of
the opportunities provided by our size and proprietary approach.”
For a complete copy of the company’s news release, please
contact:
Jerry Daly / Lauralee Dobbins
(703) 435-6293
Daly Gray Public Relations
