NEW YORK–Now owned by the RFR Hotel Group, the 597-room Paramount Hotel on West 46 St. in the heart of the Broadway theater district is undergoing a series of upgrades.
RFR acquired the property, which dates from the 1920s, in June 2011 from Walton Street Capital and Highgate Holdings for a reported $275 million. Highgate has been retained to manage the property. The hotel achieved renown in the 1980s as part of the first wave of boutique hotels owned by Ian Schrager. Philippe Starck was responsible for the design.
Guestrooms underwent an extensive renovation in 2009 under the direction of Walton Street and Highgate at a reported cost of $40 million, so mostly cosmetic work is being done on the guestrooms in this latest refurbishment. According to Don Fraser, who came on board as general manager as part of the change in ownership, the focus of the current work is the lobby and other public spaces, including the meeting space and food and beverage outlets.
An imposing staircase that had been a key element of the Starck design is being removed in an attempt to open up the space. New furniture and wall and floor treatments are being installed. In addition, RFR has decided to restore the Diamond Horseshoe nightclub, which was created by impresario Billy Rose in 1938, In recent years, the basement space has been used for storage.
The RFR Hotel Group includes the 408-room W South Beach Hotel in Miami, the 117-room Roomers Hotel in Frankfurt, Germany, and the 185-room Gramercy Park Hotel in New York in addition to the Paramount.