Concord Hotel Investors, LLC Purchases Hampton Inn Concord/Bow, New Hampshire; Paramount Hotel Group to Manage Property, including Substantial Renovation.

Business Editors

FAIRFIELD, N.J.--(BUSINESS WIRE)--Sept. 30, 2003

Concord Hotel Investors, LLC, a joint venture between Paramount Hotel Group and an affiliate of Alex Brown Realty, Inc., today announced that they had acquired the Hampton Inn, Concord/Bow, New Hampshire. Paramount, a third- party, independent hotel management and ownership company, will operate the hotel, which is the fifth new management contract announced by the company since June.

"In addition to on-going operations, we will oversee a substantial renovation to include new furniture, bedding, carpeting and wall coverings in the rooms," said David Simon, Paramount chief executive officer. "The renovation also will include upgrades to the hotel lobby, meeting rooms, indoor pool, as well as improvements at the entrance to the property."

Simon noted that Paramount's strong base of hotels in New England and the Northeast Corridor, including hotels it manages in nearby Manchester and Portsmouth, translates into economies of scale in purchasing, marketing and management for the Hampton Inn Concord/Bow. "This is our first transaction and co-investment with Alex Brown Realty, Inc, and we look forward to expanding our relationship with them. We continue to have a highly active pipeline for new management contracts as well as acquisition opportunities in the region and expect to add more to our portfolio by year-end."

Located in the White Mountains near the New Hampshire state capital, the Hampton Inn Concord/Bow is close to the Audubon Society headquarters, historic sites, walking tours, fishing, golf courses, museums, and shopping malls. The property features 145 rooms, including king-study rooms with Jacuzzi tubs, an indoor heated pool and hot tub, and meeting rooms that accommodate up to 45 people. The hotel provides a free, upscale, complimentary continental breakfast, free local and 800 calls, and television with premium cable channels.

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 29 properties, with more than 3,000 rooms, primarily under the Marriott, Hilton and Park Inn flags, as well as independent hotels.