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NJ Hotel Group Adds New Contracts

FAIRFIELD, NJ-Paramount Hotel Group sees abundant opportunity to acquire properties that need upgrades and turn them around. The company is managing hotels bought by the Lightstone Group's REIT.

By Antoinette Martin | Updated on January 28, 2013

FAIRFIELD, NJ-Paramount Hotel Group, an independent hotel management and ownership company based here, has added three new management assignments to its portfolio for hotels acquired by a Lightstone REIT. The company says it expects to add up to a dozen hotel management contracts this year.

The three hotels that have recently come under Paramount’s management were acquired by Lightstone Value Plus, a non-traded REIT. The properties are a SpringHill Suites by Marriott and a Fairfield Inn & Suites by Marriott in West Des Moines, Iowa, and a Courtyard by Marriott in suburban Cleveland, Ohio.

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