I booked two deluxe rooms through Expedia for a great price($125/night on the weekend) and was very pleased. The rooms were large and very clean. Beds were quite comfortable and the bathroom large and well-lit. The location is outstanding - right in the main downtown area and just a couple of blocks from MAX and streetcar lines. Although there is a huge excavation/construction project going
on immediately across the street, we weren't bothered by noise at all (room was on the 9th floor). Valet parking is a bit steep at $25/night but that is par for the course in downtown Portland. Did not try the restaurant (sushi) or room service. Staff was very friendly and helpful except for the concierge, who was never at his post and when we did track him down, gave us some erroneous information about the shuttle at Washington Park that caused us a wasted MAX trip. Other than that, an excellent hotel experience.

Recently the girls in my family took a trip to Portland to bond and shop, and celebrate a birthday. We booked two rooms at the Paramount.

Good Things:

Rooms are clean and include all amenities one might expect.
Housekeeping staff is excellent! Our particular lady was so sweet and did a great job.
Small but clean work out room and business center.
Great location - especially for shopping.
Good hotel restaurants downstairs.
Friendly staff.
Overall very pleasant place to stay.

Room for Improvement:

No pool or hot tub.
Computer in business center down during our stay.
Room service menu descriptions were slightly deceptive (what we ordered was not exactly what we got - specifically there was no ice cream included on pie that said it came "with hand-made chocolate ice cream" - we never heard back on why... were they out? Who knows, they certainly didn't tell us!)
Night staff not knowledgeable (I called to ask for a late check out and the front desk said he couldn't do that for me and I would have to call back in the morning. When I asked what time was usually given as the "late check out" time he had no idea.)
View from rooms (One room looked out onto a lovely cement parking garage - the other onto a gaping hole in the ground and ugly construction area.)
Staff gave us incorrect directions and we spent 30 minutes lost in Portland - although we did subsequently stumble upon a few great places while lost.