Paramount Hotel Group, an independent hotel management and ownership group, has been named by institutional lenders in two separate transactions to operate three hotels currently in foreclosure. The company also will act as receiver for one of the properties.
The hotels, which together have more than 500 rooms, are located in Florida and include two branded and one independent property.
‘Our immediate goal is to stabilize the asset in terms of cash management, human resources, life safety and security," says Ethan Kramer, Paramount's president. The company expects that opportunities to managed distressed hotels will expand rapidly over the next 12 to 18 months, he adds.
"There is an unprecedented number of troubled hotel loans that will need to be resolved over the near term," Kramer says. "In many cases, these properties have been neglected and suffer from deferred maintenance."
SOURCE: Paramount Hotel Group