THEPARAMOUNTHotel Group has acquired the privately owned Old Ship Hotel on Brighton’s sea front for ú5m as part of an aggressive expansion project which includes acquisitions in northern Europe.
The company plans to invest ú2m upgrading the three-star Old Ship Hotel to four-star standards over the next 18 months.
The refurbishment programme will be focused on improving the property’s 152 bedrooms and its main reception areas.
The acquisition is the fourth made by Paramount in the last 12 months and brings the number of UK properties in its portfolio to nine.
Group marketing manager Caroline Sims said the company would not rename the properties under the Paramount title but would increase awareness of the hotels through national advertising and its corporate directory.
She added that the company is negotiating to purchase a property in France, but declined to disclose any details.
“We have very ambitious plans but I don’t want to set a number because we look at each particular hotel very carefully,” Sims said.
“We look for properties that have a good mix of conference and leisure business.
“All of our properties are four to five-star and most are listed buildings.”