RFR looking to sell New York City's Paramount Hotel

The Real Deal is reporting that Aby Rosen’s RFR Holding is looking to sell the Paramount Hotel in Times Square. RFR bought the property at 235 West 46th Street in 2011 for $275 million, according to the Wall Street Journal. While the asking price is reportedly "unclear," a person "familiar" with the matter told the newspaper that the iconic 1928 hotel could fetch between $350 million and $400 million. 

JLL will market the building. “Long term, New York will always be a sought-after tourism and investment market,” JLL Managing Director Jeffrey Davis told the newspaper. “(It’s) a real value for an investor to come in and reap rewards from what RFR has done to the property.” 

Earlier this year, Rosen bought the former Germania Bank building at 190 Bowery for $55 million. 

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Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.