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]