HORRIFIC!!!
Myself and three others stayed at the Paramount from April 14th-17th. There were two of us in our 20's traveling with our Mom's who are in their early 50's. Ours was a group of seasoned travelers who have stayed at hotels and resorts near and far. This was BY FAR the WORST hotel experience I have ever had. 
First, our rooms were not ready until well after the 3pm check in time and no apologies or accommodations were offered. We quickly let this slide as we had things to see and do. Upon arriving back to our hotel to check in, we were given two rooms on the fifth floor that we were told were right next to one another. Wrong. In addition, upon STEPPING OFF THE ELEVATOR WE WERE BLASTED WITH THE STENCH OF POT SMOKE. We laughed it off at first and joked about contact highs but we quickly called down to notify the front desk who were less than concerned. The stench, and I mean STENCH, quickly permeated our room and it was no longer funny. I went down to the front desk to discuss the issue and was essentially told with the worst attitude by the check in person that they can't go pounding on everyone's door to see who the culprit was and that we essentially needed to just deal with it. When I asked to speak to the manager I was told that the person smoking was found and evicted. The desk clerk and the manager couldn't even get their stories straight! 
On the second night we were woken at 3 am by the party in the room next to us (who should have been the other half of our travel group) blasting music, laughing and being utterly obnoxious. I pounded on the wall for about 20 minutes until the noise subsided. This happened again on the 3rd night at the same time. This time I called down to the front desk and was again met with a rude hotel worker who said security would be sent. If security was sent then it didn't work. I called back down, told the hotel worker that this was BY FAR THE WORST HOTEL EXPERIENCE I HAD EVER HAD and she simply repeated that security had been sent. 
In the morning the hotel cleaning staff was so loud laughing that the four of us were all awaken ( at 7 am mind you after getting all of 3 hours sleep from the idiots in the adjacent room!). 
The ceiling in the bathroom of room 503 has a huge water spot and smelled horribly of mold. The corners of the room were filthy and I simply felt gross staying there. Also, 2 of the elevators were out of service and the stairwell was blocked off. Simply getting to our room was a chore that took 15 minutes! At $300 a night I expected much, much, much more from this hotel and staff. I've stayed at many NYC hotels and have never had such a horrible experience - in NYC or anywhere else in the world. 
I needed to wait a few days upon my return before writing this review in order to calm down a bit. It's only saving grace is the location to Times Square and for a seasoned NYC traveler, Time Square simply sucks in itself. We simply stayed near it as we had one person in our group who had never experienced NYC. Hopefully she goes back and stays someplace halfway decent.
Word to the wise, this place needs to go under and fast. FIND SOMEPLACE ELSE TO STAY. I really can't express how horrible our stay was. At the very least the room wasn't even clean. I'd rather stay in Jersey. Yes, it was THAT bad.