Generator announces it will manage the legendary Paramount Hotel in New York, joining the brand’s current 15-property portfolio as the third Generator property in North America, including sites in Miami, Florida and Washington, DC.
This deal marks a milestone for the company as an opportunity to operate its first third-party management agreement, with further deals to be announced shortly.
Generator and Freehand CEO, Alastair Thomann: “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.”
“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,” added Aby Rosen, Principal of RFR.
