Paramount Hotel Taken by RFR Holding

New York City Hotel Market Reports

Paramount Hotel

NEW YORK CITY-Another Times Square hotel is trading hands, with Aby Rosen’s RFR Hotel Group agreeing to buy the Paramount Hotel, located at 235 W. 46^th St. The 597-key hotel will join other hotels the group owns in New York and beyond, like the Gramercy Park Hotel, W South Beach and Roomers in Frankfurt.

The sellers are a joint venture that includes Walton Street Capital and Highgate Holdings, which purchased the hotel back in 2007 for roughly $160 million, according to data from Real Capital Analytics. Published reports put the sale price at about $275 million.

A spokesman for RFR Holding confirmed the sale and did not dispute the reported price.

The hotel, located on West 46th Street between Seven^th and Eigh^th avenues, was built in 1928 and rises 20 stories high. It has undergone multiple renovations, including one in 2009 by its current owners that came at a $40-million price tag.

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