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The Paramount Hotel Has Moved On Up, With a New Management Company

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  Site Where: 235 W 46th Street [map], New York, NY, United States, 10036
September 4, 2013 at 11:34 AM | by | Comments (0)

The Paramount Hotel has come a long way in the past decade. Back in 2007, the Philippe Starke-designed hotel was shuffling along like a lost soul after the departure of Ian Schrager. But last March, the hotel reopened after a $40-million renovation which saw an upgrade of the guest rooms, a redesigned two-story lobby, a new restaurant and bar, an Italian cafe, and the introduction of a hip retail concept, Free & The Brave.

And now that the hotel is back on top, its earned a new management company--Interstate Hotels and Resorts, a global company with about 450 hotels in their portfolio.

“After the completion of a multi-million dollar renovation, we felt it was important to align the property with a management company that could successfully reposition the hotel,” says Aby Rosen, Co-Founder and Principal of RFR Holding LLC.

RFR Holding already owns an impressive bunch of hotels including the W South Beach, the upcoming W Tel Aviv and the Gramercy Park Hotel, another one of Ian Schrager's projects (that he's since left.)

But there's more in store for the Paramount Hotel. Rosen still has plans to open the Diamond Horseshoe venue in the basement of the hotel later this fall. The Horseshoe originally opened at the Paramount in the 1930s by the showman Billy Rose. It was known for its "cheap food and drinks" as well as scantily dressed girls but the space has been pretty much abandoned since the 1950s. Rosen is reportedly pouring $20 million into the space which last anyone heard, will be "a Dalí-like mix of high art and camp, theater and circus, audacity and calculation."

While The Paramount may be back in top form, it may just be what's down in the basement that catapults it to NYC hotel stardom.

[Photo of the Entertainment Suite: Paramount/Facebook]

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