June 13, 2005
Money-losing Pierre hotel to close for renovations
Mumbai-based Taj Hotels Resorts and Palaces will take over management of The Pierre at the end of the month and temporarily close the 75-year-old, money-losing hotel for a renovation, according to news reports.
Taj will take over from Four Seasons Hotels Inc. but the property will still be owned by 795 Fifth Avenue Corp., according to Bloomberg News. Last year, the hotel had a loss of $4.2 million. From the Daily News: The Pierre's original investors included E.F. Hutton and Walter Chrysler when it opened in 1930. (John Paul) Getty purchased the hotel in 1938 for $2.5 million after the Great Depression led to foreclosure. The hotel was once home to celebrities including Coco Chanel and Audrey Hepburn and served as the location of the tango scene between Al Pacino and Gabrielle Anwar in the 1992 movie "Scent of a Woman." The Pierre is located on Fifth Avenue across the street from Central Park. Map.
June 13, 2005 06:52 AM in Hotelology
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