Great location, tiny rooms
The best part about the Paramount Hotel is the location. The hotel is half a block away from Times Square and guests can be on the TKTS line within a brisk 3 minute walk. The downside of the hotel is the size of the rooms which are tiny even from Manhattan standards. Our full size bed was a cozy setup for two with less than two feet of clearance on either side of the bed. Our bedroom had a small chair and a small closet. There was no desk to sit and put belongings. The hotel is over 80 years old and it's apparent that money has been spent to update it. Our bathroom was large, at least compared to the bedroom but some rooms come with bathrooms that have tiny showers. The hallways are decorated in a post-modern art deco format but the management chose to utilize very low lighting giving the hallways a very gloomy and even unsafe feeling. 
The lobby is small without any area to sit and wait for fellow guests. A helpful concierge sits in a booth near the front desk. The staff was helpful and approachable.
If you are looking for a hotel near Times Square and the theatre district, you could not choose a much better location than the Paramount. But do not plan to spend a lot of luxurious relaxation time in your hotel room. It felt like more of a campout to us. The hotel has rooms which are larger and much more expensive for those who wish to pay for the added space.