Midtown’s Paramount Hotel up for auction

Midtown’s Paramount Hotel is set to hit the auction block, according to Crain’s. The hotel, located 235 West 46th Street between Seventh and Eighth avenues, is currently owned by Walton Street Capital and Highgate Holdings, the latter of which is expected to retain a stake in the building. The 597-room hotel is expected to draw numerous bidders. Although it was not immediately clear how much the hotel is expected to net at auction, hotel investors are increasingly interested in the New York City market, according to John Fox, a senior vice president at PKF Consulting. “I get inquiries every week from people who want to buy a hotel here,” Fox said, noting that last year’s 85-percent occupancy rate among New York City hotels was the highest in the nation. [Crain’s]