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News release

NEW YORK, NY

Transformation of Iconic Paramount Hotel Draws Strong Demand

Re-imagined, authentic New York experience at the epicenter of Times Square


NEW YORK, May 20, 2015 – Manhattan-based real estate investor, RFR Holding LLC, recently completed a comprehensive renovation to the 597-room Paramount Hotel, transforming the asset into an authentic, New York City lifestyle hotel experience feeding off one of the world’s greatest travel destinations; Times Square and the theatre district. Acclaimed design firms Stonehill & Taylor and Meyer Davis Studios collaborated in the re-imagination of the architecturally significant historic hotel originally designed by the prolific theatre architect Thomas W. Lamb, which included a refurbishment of the guestrooms, corridors, and meeting space, as well as a full redesign of the Paramount’s impressive double-height lobby with fireplace.
 
The largest and most transformative undertaking was the restoration of the celebrated Diamond Horseshoe space, which hosts events and is operating as one of the most popular nightlife entertainment attractions in New York City. The 15,000 square-foot former Billy Rose’s Diamond Horseshoe supper club is currently hosting “Queen of the Night,” a high-energy, interactive dinner/theatre experience.
 
The hotel features 2,300 square feet of flexible meeting and event space equipped with state-of-the-art technology, the new Paramount Bar & Grill, Corso coffee bar, a fully-equipped fitness center and a wide array of additional lifestyle amenities.
 
With the renovation complete, RFR is now beginning to explore a disposition strategy to allow a new investor to acquire the revitalized asset and take advantage of additional value-enhancement opportunities such as the potential to lease an additional 1,500 square feet of vacant street-level retail space. RFR has tapped JLL to handle the sales process, led by Managing Director Jeffrey Davis and Executive Vice President Gilda Perez-Alvarado.
 
“The Paramount Hotel is a high-profile, one-of-a-kind hotel and is an irreplaceable piece of New York real estate,” said Davis. “Additionally, fully unencumbered product is extremely difficult to come by in New York, and this will attract many investors.”
 
JLL’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 320 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling more than US $48 billion, while also completing approximately 4,500 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
 
For more news, videos and research from JLL’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality, download the Hotels & Hospitality Group app for iOS and Android, or view our e-magazine The Hotel Investor, available for iPad.
 
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.