�The Boston market has been hard hit, but it showing the first signs of improvement,� said David Simon, Paramount chief executive officer.   �Paramount will immediately focus on margin improvement and new marketing initiatives to improve the properties� bottom lines and to begin to build long-term profitability in the hotels.  We will take advantage of our six other hotels in the area to achieve economies of scale in cross-marketing, purchasing and management.  We expect to show immediate improvement in operations.�

�We are seeing growing interest from hotel owners who seek more aggressive, results-oriented management,� Simon said.  �We have an active pipeline of management opportunities both as independent, third-party operators and as co-investors with owners.�

Located in the heart of the North Shore region at the intersection of Rte 1, Rte 128 and I-95, the hotels are situated near the Centennial and Lynnfield Office Parks, Historic Salem museums and shops, downtown Boston and the airport. 

The six-story Hampton Inn Boston-Peabody features an indoor pool, exercise facilities and guest laundry facilities.  Additionally, the hotel provides an upscale, complimentary continental breakfast, free local phone calls and voice mail.  All rooms are equipped with coffee makers and hair dryers. 

The Homewood Suites by Hilton Boston-Peabody contains spacious, apartment style suites with separate living and sleeping areas and a fully equipped kitchen.  The hotel offers a daily complimentary hot breakfast, an evening social gathering Monday through Thursday, indoor swimming pool, exercise room and business center. 

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.