PM Hotel Group unveils transformational merger plans
Wave Resort in Long Branch, New Jersey is part of PM Hotel Group’s portfolio
PM Hotel Group will join forces with another hotel management company to create a stronger business with no fewer than 70 properties across 22 US states.
The rapid consolidation of the US hotel market shows no signs of slowing.
An extensive hotel portfolio
PM Hotel Group has signalled its intention to merge with Paramount Management Associates in a move that promises major synergies for both outfits. The forthcoming merger will result in a significantly enlarged business, managing a portfolio of 70 branded and independent properties across 22 states around the US.
According to PM Hotel Group, the expanded footprint and additional resources will enable it to deliver greater returns to owners while continuing to provide exceptional experiences for guests.
Retaining the PM Hotel Group name
The newly merged group will continue to operate under the PM Hotel Group name and be headquartered in Chevy Chase, Maryland. Art Adler, president of Adler Hotel Advisors, advised on the transaction.
“This merger presented us with the opportunity to do something truly transformational,” said Joseph Bojanowski, president and CEO of PM Hotel Group. “Relationships, with our owners, associates and partners, have always been our focus. Now, with the people and scale of our combined portfolio, we are positioned to leverage our size for greater success.
“Paramount’s senior executives bring exceptional operational and acquisition expertise that further enhances our team and positions us for continued strategic growth.”
Ethan Kramer to lead investment team
Ethan Kramer, co-founder and president of Paramount Management Associates, will join the newly combined business as chief investment and development officer. He’ll lead the investment team, sourcing and assessing acquisition opportunities, working directly with owners and supporting the expansion of third-party management contracts.
“We are excited to finalise this merger and are confident that joining our two companies, both of which have been steadfastly committed to culture and people, will create both increased value for our owners and additional career opportunities for our team members,” said Kramer.
The proposed deal comes just a few weeks after hotel and resort management specialists Benchmark Global Hospitality and Pyramid Hotel Group announced their own merger plans, creating an influential industry powerhouse with 210 properties throughout the US, Caribbean and Europe, and hospitality companies LBA Hospitality and 3H Group agreed to form a strategic alliance.
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