Boutique and lifestyle accomodation brand Generator will assume management of the Paramount Hotel in New York. An asset of RFR, the iconic 605-room urban retreat in Times Square joins Generators’s 15-unit portfolio as its third property in North America.
“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,” says Generator and Freehand CEO Alastair Thomann. “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.”
“We are excited to partner with Generator to manage and reprogram the historic Paramount Hotel,” adds RFR principal Aby Rosen. “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.”
Additional details about the third-party management agreement will be announced soon.
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