RCA in the commercial property press:

Manhattan's Paramount Hotel Trades as Summer Tourist Season Begins

Globe St reports: A recent hotel disposition by joint venture partners Walton Street Capital and Highgate Holdings has confirmed the strength of the Manhattan hospitality market. GlobeSt.com cited data by Real Capital Analytics to state that the 597-room Times Square Paramount Hotel, centrally located at 235 W 46th St, was purchased by the JV at the peak of the market in 2007 for $160 million. After four years and one $40 million renovation, the group has sold the hotel for an unconfirmed price of $275 million – an impressive 70% mark-up spanning the downturn.

The buyer was RFR Hotel Group.

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Posted by: Nina Turner

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