Major news for New York City's luxury hotel scene: The new owners of what USA Today calls "the opulent but aging" New York Palace Hotel plan to launch a $100 million renovation this year.
The renovation will reportedly modernize all of the Palace's 900 rooms, though the work will take place in phases to minimize guest disruption, according to David McCaslin, president of Northwood Hospitality.
Northwood bought the hotel last summer, and the private equity firm has been planning the hotel's makeover ever since, looking to bring the property back to Five Diamond status. The last year the hotel earned the title from AAA was 2002, according to AAA.
This summer, work will commence on the Palace's 176 Towers rooms and suites. Work on the rest of the Palace's guest rooms will begin next year.
Visit www.newyorkpalace.com for more information.