Generator will manage the Paramount Hotel in New York City, marking a milestone for the company as an opportunity to operate its first third-party management agreement, with further deals to be announced shortly.
“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,” said Alastair Thomann, CEO, Generator and its sister brand, Freehand. “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.”
The Paramount joins the brand’s current 15-property portfolio as the third Generator property in North America, including sites in Miami and Washington, DC.
Aby Rosen’s RFR selected Generator to curate the next chapter of the historic Paramount Hotel, and the takeover will see an extensive refurbishment aiming to retain the Paramount’s essence and character while upgrading the hotel’s 605 guestrooms, public areas, retail spaces and lobby bar, according to the companies.
Generator and Freehand built their success by championing the hybrid accommodation model with diverse offerings in private rooms, shared bunk options and flexible social and co-working spaces.
For more on Generator’s first third-party management agreement and the steps ahead for the company, check out the October issue of Hotel Business.
