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. 46th 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 Seventh and Eighth 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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