And yet again not.
Generator said on Tuesday it had gained management control of the Paramount in a strategy adjustment for the UK hospitality company, which runs hostels and other premium economy lodging.
Skift writes about the interesting take over and business model of Generator, which operates in the “premium economy” lodging segment, a segment that is very hot at the moment, attracting a lot of investor capital. Read the whole article here.
What makes the deal even more interesting is the history of the Paramount Hotel, one of New York’s legendary hotels. The 610-room property opened in 1928 between 46th and 47th street near Times Square and was renovated in 1990 with a design by Philippe Starck (which lobby can be still seen today). Also, it was operated by Ian Schrager as one of his first hotels and marked the arrival of the boutique hotel trend.