Interstate Nabs Management Deal For NYC Times Square Hotel

By Natalie Rodriguez (September 5, 2013, 4:48 PM EDT) -- Global hotel manager Interstate Hotels & Resorts Inc. has struck a deal with real estate investor RFR Holding LLC to take over operations for the recently renovated Paramount Hotel, located in the Times Square area of New York City, RFR Holding said in a statement released late Wednesday.

Per the deal, Interstate will take over management of the hotel from Highgate Holdings LLC. The 597-room Manhattan property is coming off a $40 million renovation that concluded in March, and RFR Holding said it hopes putting Interstate in place will help boost the hotel's bottom line.

Financial terms and the length of...

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