RFR switches Paramount Hotel management to boost profits

September 06, 2013 07:55AM

Interstate Hotels & Resorts is taking over as manager of RFR Holding’s Paramount Hotel in Times Square.

Highgate Holdings has served as manager, notably while the 597-room hotel at 245 West 46th Street underwent a $40 million renovation that wrapped in March. Its successor manages the Roosevelt Hotel in Midtown, as well as many Courtyard and Residence Inn-branded properties in the vicinity of the Paramount.

Aby Rosen, co-founder of RFR Holding, said in a statement he hopes Interstate, a global third-party manager, will “successfully reposition the hotel,” and boost profits. The length of the management contract and financial terms were not provided to Law360.

Renovations include a two-floor lobby and two new restaurants. Billy Rose’s Diamond Horseshoe nightclub is expected to open at the hotel later this year. Rosen celebrated his birthday there in May with Bono and several art moguls, as previously reported. [Law360]Mark Maurer