Paramount Hospitality Management will start construction during the first quarter of 2013 on a 92-unit all suites TownePlace by Marriott property in the Atlanta suburb of Newnan, Georgia. The hotel, which will be on a 2.5 acre site acquired this week, is scheduled to open during the first quarter of 2014.
Founded in 2001, Paramount Hospitality currently operates six hotels valued at more than $50 million, including Hampton Inn properties in downtown Atlanta adjacent to Georgia Tech and the world headquarters of the Coca-Coca Company, as well as in the metro Atlanta suburban cities of Newnan, Norcross, and Carrollton.
“We have aggressive plans and expect to add $45 million of hotel projects during the next two to three years,” explains Nick Lakha, president and CEO of the Atlanta-based company. “While we are currently concentrating on new construction, we will also consider strategic acquisition opportunities when we can create real value by rebranding and repositioning a property.”
Among the company’s new projects are a seven story, 112-room Hilton Garden Inn adjacent to the University of Tennessee in Knoxville, which is scheduled to open during the first quarter of 2013, and an 11-story, 120-all suite Residence Inn by Marriott in downtown Knoxville, scheduled to open in 2015.