US: Generator debuts its third-party management model with the signing of The Paramount Hotel.
RFR, a private real estate investment, development and management company, has selected Generator to lead the next chapter of The Paramount Hotel.
The signing marks the beginning of an asset light strategy for Generator and its sister brand Freehand Hotels – a collection of four hotels in New York, Los Angeles, Chicago and Miami.
Beginning Q4 2022, Generator will refurbish The Paramount and reimagine all 605 guest rooms, public areas and retail spaces. The project is set to be completed in Q1 2023 with bookings already available.
Alastair Thomann, Generator’s CEO, 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.”
Aby Rosen, principal of RFR, 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.”
With the agreement, Generator will operate a total of 16 properties across North America and Europe, including three in the US with Miami Beach, Washington DC and New York.