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Case Study

A boutique hotel in the heart of Times Square

​Jones Lang LaSalle Hotels represented Highgate Holdings and Walton Street Capital in the sale of the Paramount Hotel in Times Square.  The 597-room Paramount Hotel is an internationally-distinguished boutique hotel in the heart of Times Square Theatre District. The Hotel was designed under the artistic direction of Ian Schrager and Phillippe Starck and was underwent a comprehensive $36.7 million renovation in 2009. Investment highlights included strong in-place cash flow, prime vacant retail space and the potential to re-brand the asset.
 
The transaction was quite complex as it involved the sale of the 90% interest held by Highgate and Walton Street Capital, and a buy-out of the remaining 10% non-controlling interest held by Northstar Capital. The Hotel was purchased in October 2011 by RFR Holding for $254 million, or approximately $425,000 per key, representing a going-in yield of less than 6%.
 
For more information please contact Jeffrey Davis.

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