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The Knickerbocker Is Coming Back

By Siobhan
Last updated at 17:28:00 PM on 10 February 2012

The historic building on New York City's Times Square that was once the Knickerbocker Hotel has been bought by a Texas based company called FelCor Lodging Trust Inc., according to the Wall Street Journal.

While, the story of the hotel making a comeback has surfaced before when it was sold, it looks like FelCor are really passionate about their restoration project. FelCor's Chief Executive told the Wall Street Journal; "If you allowed me to pick a location anywhere in the world (for a hotel), this would be the one." The group is expected to spend over $100-million to bring the hotel back to its glory days.

The building has not been hotel since 1920, when its original developer's son, Vincent Astor, changed it to offices. The hotel was in its prime during many changes in the US. It was a luxury hotel that attracted some of the wealthiest and most famous citizens of the US and abroad including, John D. Rockefeller.

New York hotels have one of the highest occupancy rates in the country and command higher rooms rates, making it a good location to invest, even in a tough economic climate. It will be some time yet before you can book your New York hotel room at the Knickerbocker, but it's sure to have plenty of luxury offerings and its location is perfect for tourists coming to the city.