News Summary
The Hotel Elysée in Midtown Manhattan is set to undergo a major renovation, transforming into a luxury boutique hotel. With $25 million in financing secured, renovations will modernize the hotel’s interior and increase the number of suites. Operations will pause temporarily for 18 months, with plans to reopen in time for the hotel’s centennial celebration. The well-known Monkey Bar will remain open during this period.
New York City – The historic Hotel Elysée in Midtown Manhattan is set to undergo a major renovation and repositioning as a luxury boutique hotel, with plans to enhance its offerings and appeal. Hera Hospitality Group has secured $25 million in financing through Colliers to fund this extensive transformation of the nearly century-old landmark.
The renovation is expected to increase both the size and number of suites in the hotel, aligning with its new identity as a luxury lifestyle boutique. Key construction work will focus on modernizing the interior of the hotel to elevate its overall aesthetic and guest experience. The decision to renovate stems from the owners’ vision to retain the hotel’s renowned name and prestige while adapting to the evolving hospitality market.
Operations at the Hotel Elysée will temporarily cease on March 31, 2024, as renovations begin and are scheduled to last approximately 18 months. The hotel is anticipated to reopen in time for its centennial celebration in 2026, marking 100 years since its establishment. During this closure, 49 employees will be affected; however, measures will be taken to ensure their welfare throughout the construction period.
Despite the temporary shutdown, the hotel’s well-known restaurant, Monkey Bar, will remain operational throughout the renovation process, allowing patrons to continue enjoying its culinary offerings. The Monkey Bar has gained fame through popular TV series such as “Sex and the City” and “Mad Men,” maintaining the hotel’s cultural relevance and vibrant atmosphere.
The Hotel Elysée, located at 60 E. 54th St., features a neo-Renaissance architectural style designed by Henry Allan Jacobs. Over the years, it has garnered a rich history, having hosted notable guests including Marlon Brando and Tennessee Williams. Following a bankruptcy in 1937, the hotel was acquired by Mayer Quain, who lived there with his family, further embedding the hotel in New York City’s storied past.
Each room within the hotel is uniquely named, reflecting the artistic character that contributes to the establishment’s charm. The upcoming renovation will focus on retaining these unique aspects while updating them to meet contemporary standards. The property has generated significant interest from well-qualified buyers during its marketing phase, highlighting its desirable location and historical significance.
In terms of ownership, Hotel Elysée was purchased for $55 million in 2016, with current owners including Henry Kallan, Richard Born, and Ira Drukier. The hotel’s management firm, HK Hotels, is also involved in overseeing the significant changes that lie ahead. Furthermore, the Monkey Bar is operated by Hogsalt Hospitality, adding to the establishment’s integrated hospitality environment.
The financing secured will mark the beginning of an exciting transformation for the Hotel Elysée, with ambitious plans to modernize the interior and enhance guest experience. This renovation is poised not only to revitalize the property but also to reinvigorate its standing in New York City’s competitive luxury hotel market as they prepare for a new chapter in the hotel’s storied existence.
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Additional Resources
- Boutique Hotelier: Hotel Elysée Repositioning and Renovation
- Wikipedia: Hotel Elysée (New York City)
- Connect CRE: Financing for Hotel Elysée Repositioning
- Google Search: Hotel Elysée
- Crain’s New York: Hotel Elysée Renovation Update
- Encyclopedia Britannica: New York City
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
