Stellar Management has acquired the Windermere hotel in New York, US, for $68m.
The 374-room hotel will be allocated $10m for planned renovations to convert the property in an attempt to recapture its 1920s atmosphere.
New amenities will include wireless internet, a lobby lounge, a gym and a roof deck.
The 23-storey Windermere had been owned by the Zarucki family since 1973.
N-Plus Architecture and Design and RSVP Architecture Studio will design the overhaul, according to Bloomberg.com.