I like to stay at a hotel with a little personality, and in New York, the Ian Schrager hotels (i.e. Paramount, Royalton, Morgan's, etc.) always deliver. This was my first stay at the Paramount, and I would recommend it to anyone looking for a hip hotel. The lobby, the hallways, the elevators, and the bar are all highly designed. Unique touches abound (i.e. the mirror outside the elevators has the up-to-date weather forecast embedded), and you forget that the rooms are tiny. Our room was all white, with a checkered carpet as the only real color break. The chairs were straight from Alice and Wonderland (large backs and funky curves), and the bed was low-to-the-ground and comfortable.
Other parts of the hotel were also memorable. After a night on the town, the Paramount Bar provides a nice place for a nightcap. The crowd is a combination of tourists and hipsters, but we liked the vibe. The restaurant in the hotel is also worth checking out (the food is nice, and I liked sitting above the lobby, watching who came in and out of the hotel). Further, I liked the newsstand and the Dean and Deluca café (a fancy place to get some good coffee, muffin, bagel, juice, etc.) in the lobby.
Finally, the service and location were great. We had a few special requests, and they were always met with a smile and a quickness that we appreciated. Regarding the location, the hotel is a couple of blocks from the center of Times Square. It was cool to walk through at night, when Times Square was bustling...and a little surreal walking through the next morning, when Times Square was empty. Plus, the access to subways was fantastic. This was a good launching point for any part of the city.