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 Ed Dykes Joins Paramount Hotel Group as
Vice President of Business Development

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FAIRFIELD, N.J. October 5, 2004—Paramount Hotel Group, a third-party, independent hotel management and ownership group, today announced that Ed Dykes has joined the company as vice president of business development.

In the newly created position, he will be responsible for sourcing and negotiating acquisitions, joint ventures and management contracts to complement Paramount’s current 27-hotel portfolio.  The company seeks to operate and/or own both full-service and select-service hotels, primarily in the eastern half of the country.   

“We have reached the size and scale where we needed additional expertise and bench strength,” said David A. Simon, CEO of Paramount Hotel Group.  “Ed brings more than 20 years of hotel experience, in ownership, operations and development.  He has excellent and extensive relationships throughout the investment, ownership, brokerage and franchise communities. This unique background will give us a competitive advantage in locating quality properties and allow us to ramp up even more rapidly once we take over a hotel.”

In addition, Simon noted that the company will step up its acquisition program.  “We have the financial capacity to add a substantial number of hotels to our portfolio, primarily on a joint-venture basis,” he noted.  “Concurrently, we will continue to aggressively seek management contracts.  We have the appetite for additional growth and Ed gives us the additional senior management depth to expand as the hotel industry recovers from the recent three-year downturn.”

Dykes began his hospitality career as a student, and acquired his first hotel while still in college.  He subsequently joined Ramada Hotels, where he held a variety of operations positions.  He spent nearly a decade as a regional director of hotel operations with Helmsley Hotels before joining Prime Hospitality as a regional vice president of operations.  He was promoted to senior vice president of operations for the company’s AmeriSuites brand, where he actively was involved in the development and operations of approximately 100 properties.

Dykes attended the University of Kentucky, majoring in pharmacy studies.  He has been actively involved in numerous hotel and tourism associations and organizations.

Paramount Hotel Group, founded in 1999, is a hotel management and development company.  Paramount Hotel Group specializes in value-oriented management of full and select service hotels nationwide. As an independent operator, the executive  team comprising Paramount has successfully managed hotels under every major brand, including Marriott, Hilton, Radisson, Sheraton, Crown Plaza, Holiday Inn, Ramada and Howard Johnson.   The company is headquartered in Fairfield, NJ. and manages and/or has ownership interests in 27 properties, with more than 3,000 rooms.  


 
Contact:
Paramount Hotel Group
www.paramounthotelgroup.com
Also See: AMC Delancey Group, Inc. and Paramount Hotel Group Acquire the 167 room Southpoint Hotel in Jacksonville, Florida / April 2004
Paramount Hotel Group Now Has Management or Ownership Interests in 26 Hotels; Company Started by David A Simon, Former Chairman and CEO of Prime Hospitality Corp / Oct 2002


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