The historic Hotel Elysee in New York City is poised to undergo a major transformation following a multi-million-dollar acquisition and redevelopment financing package secured by Colliers.
The funding—which was facilitated by Mark Owens and Matt Nowaczyk of Colliers—begins a transformative renovation and repositioning of the nearly century-old landmark as a five-star lifestyle boutique hotel. Part of the renovation of Hotel Elysée—which is being funded by owner Hera Hospitality and its investors—will include increasing the size and number of suites.
“Hotel Elysée is one of those rare New York properties that carries both history and untapped potential,” Owens, vice chair and leader of the hospitality practice group at Colliers, said in a statement. “This financing marks the beginning of an exciting transformation for the building and a new chapter for this much-loved hotel. With luxury hotels continuing to outperform across urban markets, especially in the lifestyle segment, there is strong demand for differentiated assets like the iconic Elysee. It is a privilege to help bring that vision to life.”
"We are proud to have the opportunity to reimagine such a historied and iconic New York hotel,” said Daniel Schneider, president of Hera Hospitality Group. “We are committed to doing justice to this remarkable property and honoring the traditions that have made it a cultural landmark for nearly a century.”
Located in midtown Manhattan between Park and Madison Avenues on East 54th Street, Hotel Elysée has long been a fixture of New York’s cultural and literary scene, according to the company. The hotel is home to the Monkey Bar, a Midtown dining spot.