03.14.05
AMC Delancey and Paramount Hotel Group Partner for Second Venture
Acquired Hotel in Largo Maryland to be transformed into Radisson by Mid September

Contact
Kathleen Pallas, Beckerman Public Relations
(908) 781-6420, Kathleen@beckermanpr.com


LARGO, MD, MARCH 14, 2005 -- AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, and its partner, Paramount Hotel Group, LLC announced their second joint hotel acquisition, this time in Largo, Maryland. Once known as the Doubletree Club Hotel in Largo, the 184-room, 6-story hotel will undergo a major renovation and become the new Radisson Hotel, Largo, with completion scheduled for mid-September.

The first joint venture between AMC Delancey and Paramount Hotel Group was the acquisition and complete renovation of the former Doubletree Club Hotel in Jacksonville, Florida. In early December 2004, the hotel was reopened to rave reviews as the Radisson Hotel Jacksonville Butler Boulevard, in time to host sellout crowds for Super Bowl XXXIX.

“Our first venture, the Radisson Hotel Jacksonville Butler Boulevard, has proved to be an absolute success,” said Kenneth P. Balin, President and CEO of AMC Delancey Group. “We are very excited to announce our second acquisition with Paramount. Interestingly, the new Largo property is close to FedEx field and was also a Doubletree Club. Perhaps that is a good omen. Led by David Simon and Ethan Kramer, Paramount has a team in place that is well skilled in renovations and repositioning. The value-add nature of the repositioning of this hotel is exactly the type of co-investment strategy we target at AMC Delancey. We have a programmatic investment approach with Paramount Hotel Group as our operating partner, where our long-term interests are in total alignment, enabling us to pursue multiple investment opportunities. In addition, this investment has helped us to lay the groundwork for a programmatic relationship with Anglo Irish Bank, which is providing financing for this endeavor. As a result of our hotel investment strategy with Paramount, we are actively seeking additional hotel reposition opportunities in the Eastern United States.”

Ethan Kramer, President and COO of Paramount confirmed that his company “will oversee the total renovation, including the lobby, restaurant and bar, meeting spaces, public areas and all hotel guest rooms, while the hotel remains in operation. Renovations are expected to begin in March of 2005, with completion scheduled for mid-September.”

“As part of the renovation, the former Au Bon Pain and cafˇ area will be demolished and in its place, an exciting new restaurant and bar will be constructed,” said Steve Siegel, Senior Vice President with Paramount Hotel Group. “All of the guest rooms and bathrooms will be completely refurbished, virtually making this Radisson hotel brand new.”

Located off the I-95/495 Beltway in the Inglewood Business Center, the new Radisson Hotel is situated within a major suburban office market northeast of Washington DC, near numerous corporate and government demand generators. In addition, the hotel is not far from FedEx Field, home of the Washington Redskins, and the new “Boulevard at the Capital Centre” retail center. In addition, the Blue Line of the D.C. area Metro has now been extended to Largo Town Center, nearby the property.

“We will appoint a general manager of the hotel shortly, and we will be bringing a highly professional team on board to operate this hotel and position it as the premier transient property in the area,” said Peter Marino, Senior Vice President at Paramount Hotel Group. “The fresh dˇcor and design, with the new Sleep Number beds in every guest room and the prime location of the hotel will make this Radisson the overnight destination of choice for virtually every business traveler coming to the marketplace.”

Paramount Hotel Group, founded in 1999, is a premier hotel management and development company. Paramount Hotel Group specializes in value-oriented management of full and limited service hotels nationwide. As an independent operator, the Paramount team 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 29 properties with more than 3,400 rooms.

Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a long-term investor in real estate that invests directly and with a select group of local real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company targets value-added investment opportunities in the multi-family, office, industrial, hotel and retail sectors. AMC Delancey is planning approximately $500 million in new investments over the next several years and continues to seek long-term relationships with strategic real estate operating partners in new markets. For more information on AMC Delancey Group, visit www.amcdelancey.com .