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Paramount Hospitality To Break Ground On TownePlace In Newnan, GA

Wednesday December 5th, 2012 - 9:20AM

NEWNAN, GA—Paramount Hospitality Management will begin construction during the first quarter of 2013 on a 92-unit all suites TownePlace by Marriott property here.

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.

Nick Lakha, president and CEO of Atlanta-based Paramount, noted the company expects to add some $45 million of hotel projects in the next two to three years. Among the 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.