"We have a long, proven track record with distressed hotel operations and are working closely with institutional lenders, special servicers and regional banks to help them determine and execute the right strategies to recover the optimum value of their hotel assets," said Ethan Kramer, Paramount's president.
noted that Paramount
expects that opportunities to manage distressed hotels will expand rapidly over the next 12 to 18 months.
"More hotels are coming to market now and we expect to work closely with The Lightstone Group in the current year to help achieve their growth targets," said Ethan Kramer, President of Paramount.
"Our 30-plus years of hotel experience are a huge benefit for investors in sourcing and analyzing hotel investment opportunities, some of which have hard-to-identify, unique attributes.
These properties have intangibles that go beyond repositioning and strong management, often in markets that are overlooked."
and its investors/owners seek full-service and select-service hotels, primarily in secondary and suburban markets that have the "bones" to be premium-branded.
"While these properties may not be as 'sexy' as a downtown urban hotel, we know that they can generate high returns with prudent risk," Kramer
"The key is finding and unlocking the value that others do not see."
noted that many hotels currently on the market have significant PIP requirements because upgrades were pushed back well beyond the normal cycle during the recent recession.
"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.
"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