PM Hotel Group announced it is merging with Paramount Management Associates. The combined company will manage a portfolio of 70 branded and independent properties across 22 states.
The union pairs the strengths of each organization, producing enhanced synergies, support and expertise, according to PM.
“This merger presented us with the opportunity to do something truly transformational. 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,” said Joseph Bojanowski, president and CEO of PM Hotel Group. He added that, “Paramount’s senior executives bring exceptional operational and acquisition expertise that further enhances our team and positions us for continued strategic growth.”
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Ethan Kramer, co-founder and president of Paramount, joins as chief investment + development officer. He will lead the investment team, sourcing and analyzing acquisition opportunities, working with owners seeking additional opportunities and overseeing the expansion of third-party management contracts.
“We are excited to finalize 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,” Kramer said.
The newly merged company will operate as PM Hotel Group with headquarters in Chevy Chase, Md. Art Adler, president of Adler Hotel Advisors, consulted on the deal.