We stayed at The Paramount for two nights in June '08 and have a fantastic experience. First of all, the hotel is in a great location. We were able to walk to most everything we wanted to see. Our room on the 4th (top) floor was clean and nicely decorated. The hotel itself is old, but the decoration was modern. We had a triple room to accommodate our 9 year old son - we felt welcome as a family.
I did not experience a problem with noise. At one point I woke around midnight and could faintly hear the baseline of the bar music, but it was not enough to keep me awake. If you're sensitive to noise, try to get a room on the 4th floor.
Finally, the breakfast was excellent and the staff was helpful.










