Imagery courtesy of The Paramount Hotel and Generator.
Boutique brand Generator has signed its first third party management agreement, for an iconic New York City hotel which will now be refurbished.
The European firm will operate the legendary Paramount Hotel, joining the brand’s current 15-property portfolio as the third Generator property in North America, including sites in Miami, Florida and Washington, DC.
Next chapter
Real estate tycoon Aby Rosen’s RFR has selected Generator to curate the next chapter of the historic hotel, and the takeover will see an extensive refurbishment aiming to retain Paramount’s essence and character while upgrading the hotel’s 605 guestrooms, public areas, retail spaces and lobby bar.
The refurbishment is set to start in Q4 2022. With the inclusion of The Paramount Hotel, Generator’s portfolio will reach 16 properties across North America and Europe. Generator also operates Freehand Hotels, a collection of four hybrid accommodation lifestyle hotels in New York, Los Angeles, Chicago, and Miami.
First of many
Generator and Freehand CEO, Alastair Thomann, said: “We are delighted to announce we were selected to run our first third-party management contract with a property as iconic as The Paramount Hotel, which will be the first of many to come. At the beginning of the pandemic, hybrid accommodation was once doubted by the market but now, entering a post-pandemic world, Generator and Freehand management models have delivered all-time record-breaking figures and are seeing a bigger demand from investors than ever before. This new partnership with RFR comes at a time of exceptional growth and expansion for the company and we’re looking forward to adding The Paramount Hotel to our portfolio.”
Rosen added: “We are excited to partner with Generator to manage and re-program the historic Paramount Hotel. Generator’s reputation for leading the shared accommodation space is unmatched and their record success aligns with our goals of creating a best-in-class destination in Times Square.”
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Boutique accommodation brand Generator offers travellers unique, stylish, experience and design-led spaces at affordable rates.
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