�This was a hotly contested contract for a great property,� said David Simon, Paramount chief executive officer.  �Our strength in marketing, in-depth knowledge of the Northeast travel markets and our proven operating track record all played a role in our obtaining the agreement.  We have had an outstanding relationship with Hilton and look forward to expanding it with the Hilton Garden Inn brand.�

The five-story property features 88 guest rooms, including eight executive suites.  Located at exit 14 on the New York State Thruway, the property is 19 miles from New York City and close to the Palisades Park Mall, a major shopping facility with more than 200 shops and restaurants.

The hotel will feature three separate but contiguous meeting rooms with the capacity to host up to 150 people.  The Hilton Garden Inn Nanuet will feature the brand�s signature Pavilion restaurant, which will serve three meals daily, plus late night snacks.

�We are seeing a significant increase in management opportunities, both for new builds and acquisitions,� Simon said.  �Every hotel in our managed portfolio of 25 properties has consistently returned cash to our owners throughout the downturn of the past several years.  We believe owners are increasingly gravitating to management companies that can generate profits regardless of the economic conditions.�  He noted that Paramount is in active negotiations with other owners.

�In addition to third-party management assignments, we have the capability and expertise to co-invest with other parties to acquire and develop properties, as well as provide construction management for new hotels and renovations,� he commented.  �We have extensive expertise both in development and turn-around situations.�

Paramount Hotel Group, founded in 1999, is a mid-sized, independent hotel management and ownership group.  The company currently manages and/or has ownership interests in 25 properties, with more than 3,000 rooms, primarily under the Marriott, Hilton and Park Inn flags, as well as independent hotels.