By: Skift
Generator said on Tuesday it had gained management control of the Paramount — a hotel with 605 guest rooms in New York’s Times Square — in a strategy adjustment for the UK hospitality company, which runs hostels and other premium economy lodging. Generator, acquired in 2017 by private equity firm Queensgate Investments, had never managed a hotel as a third party. The company, whose chains are Generator and Freehand, has instead had an ownership interest in its properties.”
“In 2019, Queensgate bought Freehand, a premium hostel chain, for $400 million, and merged its back-end operations with Generator. In 2014, Marriott opened its Moxy brand with a lifestyle vibe and rooms at 185 square feet, while The Standard has been expanding its Bunkhouse brand.