A 1900s landmark in New York City—the Plaza Hotel—will soon close its doors for restoration of its historic façade.
The iconic venue, which opened in 1907 and has hosted world leaders, celebrities, and cultural icons, will close for several years starting in January 2027 to repair and restore its landmark-protected façade.
While the management team behind the hotel said the restoration will be carried out “alongside adherence to applicable historic preservation requirements,” the planning and execution of the works remain under review.
“Due to the complexity of this undertaking and significant intrusion to operations, The Plaza Hotel will be closing for at least four years commencing January 2027 while the work is underway,” the management team said.
When contacted for an update on the restoration, the management team told Newsweek it has no further comment beyond its recent statement.
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Julie Satow, author of The Plaza: The Secret Life of America's Most Famous Hotel, told Newsweek that the Plaza Hotel “harkens back to an earlier era of grandeur and glamour for so many people, both native New Yorkers and visiting tourists.”
“Its history is really the history of New York City itself,” Satow said. “Its architecture and design are irreplaceable today, and the fact that it has so many historical and landmarked rooms is unique.”
The author also noted that the Plaza Hotel’s planned façade restoration appears “relatively minor in comparison with 2005, when the hotel was closed and converted partially into condominiums” and “the entire building was re-envisioned.” The hotel underwent an extensive $450 million "lobby-to-roof" restoration in 2005, before reopening its doors in 2008, according to the hotel's website.
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Growing Historic Restorations Across the U.S.
The Plaza Hotel is among a string of historic buildings in the Big Apple and elsewhere in the country that are undergoing work. The Flatiron Building, the iconic 1902 skyscraper that’s being converted into luxury apartments. The building's exterior was illuminated for the first time in its 124-year history earlier this year, with a new lighting installation.
Last month, plans for a milestone conversion of Brooklyn's 1909 Hotel Bossert into the Ritz-Carlton Residences, Brooklyn Heights, were also unveiled.
According to the American Institute of Architects (AIA), nearly half of America’s 125 million buildings are more than 50 years old, underscoring the scale of existing structures in the U.S. that could be reimagined, which also comes with environmental benefits. The AIA has found that reusing buildings can avoid 50 to 75 percent of the carbon emissions associated with new construction.
The conversions are amid a growing call for the adaptive reuse and improvement of existing buildings, instead of constructing new structures. According to RentCafe, nearly 25,000 apartments were created from repurposed buildings in 2024, a 50 percent increase from the previous year.
Gordon Gill, the architect behind the Jeddah Tower in Saudi Arabia, which will be the world’s tallest building upon completion, told Newsweek in June that “the greatest opportunity in the U.S. for innovation is in the programming of cities,” noting that the real potential lies in rethinking what we already have. The architect said maintaining and refreshing existing building stock is vital for sustainability and for avoiding obsolescence.
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‘Building Around History’
Satow said any building “that is as old as the Plaza needs vigilant upkeep,” pointing to New York City’s Waldorf Astoria, rebuilt in its current location in 1931, which “underwent an extensive, years-long, $2 billion renovation.”
The author added: “To own these buildings is a civic responsibility, and keeping them renovated and functioning is part of that.”
Joseph Aiello, president of the Broadway Construction Group in New York City, told Newsweek: “The Plaza matters because buildings like it are part of how New York sees itself,” pointing to the group’s work on The Beekman, another historic New York hotel that was restored “to bring the nine-story atrium, skylight and ironwork back to life.”
Reflecting on the challenges of restoring a century-old landmark like the Plaza Hotel, Aiello said: “You’re building around history,” noting how every decision around the work on The Beekman went through the Landmarks Preservation Commission and the city’s fire department.
He said: “You have to keep what makes the building special while bringing life safety, mechanical systems, and guest expectations up to current standards.”
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The Risk of Prolonged Closure vs. Payoff
Krixelle Sant, co-founder and chief financial steward at Kind House Buyers, told Newsweek: “Historic hotels have unique brand recognition that cannot be replicated by a brand-new hotel. However, they require continued heavy investment to maintain the property. Most successful restorations are conducted by patient investors who have a well-outlined plan and have set a realistic time frame.”
Sant noted that closing a historic hotel for multiple years could potentially mean losing customers, and warns that other hotels in the market could capture these customers while the historic venue is shut. Sant explained: “While a well-managed restoration of a landmark hotel can increase room rates to earn greater returns, the wait to start receiving returns on the investor’s capital and the risk of overruns along the way can extend for many years.”
She also pointed out that historic preservation requirements restrict the use of the latest technology, materials, and even labor in restoration efforts. “There are many unexpected expenses that will eat into an investor’s capital for years to come while the building is not producing any income,” Sant said.
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While a multi-year closure is “a big decision,” Aiello said, “for an asset like the Plaza it can be the right one.” Aiello notes that luxury guests pay for a product that “feels timeless and current at once,” and a hotel owner who closes the venue to do this work properly “can come back in a stronger position than one who phases around operations and compromises the result.”
He explained that “guests want character and authenticity,” but also expect modern systems and efficiency. While the renovation work might be demanding, “the payoff is a hotel no new building can copy,” he said.
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Contact Newsweek editors on this story: Sirena Bergman and Gray R. Thomas