Continually evolving highest and best use of real estate | hotelsmag.com

The Park Lane Hotel, located on Central Park South, adjacent to the world famous Plaza Hotel in New York City is known for its irreplaceable high value location. However, the building is perceived as tired and in need of capital refurbishment. When the property was purchased in 2013 for US$660 million or US$1.1 million per room, it was reported that the building would be renovated, either fully or partially converted to residential use, or...