Hard Rock chain to buy Paramount hotel
2004-04-14
Ian Schrager's Paramount Hotel, at 245 W. 46th St., will be bought by the Hard Rock Hotel chain for $125 million. The deal is expected to close in June.
Mr. Schrager paid $75 million for the property in 1990. He spent the next two years renovating it at a cost of $35 million and had recently announced plans to revamp it again.
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