The renovation is meant to maintain the hotel's historic roots (it was constructed in 1882 as the Villard Mansion) while bringing it into the 21st century with a more modern aesthetic.
So far, only the rooms in the Towers, the more elite part of the hotel, have been completed — and they're looking great.
A hotel within a hotel, the Towers spans the 41st to 53rd floors, and has 176 guest rooms and suites. I recently stayed in a suite in the Towers and was impressed by the sheer size of the room and the luxurious feel of the space. With a full kitchen, separate dining and living area, and massive bathroom, my suite definitely felt more like a million-dollar apartment than a typical hotel suite.
Rooms in the Towers start from about $500 per night.
Disclosure: The New York Palace Hotel covered lodging costs for us to review the property.