New Owner to Reopen Historic Knickerbocker Hotel in New York City

FelCor Lodging Trust has acquired the New York City building that once housed the Knickerbocker Hotel. The historic property was opened in 1906 by billionaire John Astor IV and was later used as office space. The company will spend $115 million to restore the property into a 330-room hotel, which will have meeting space and a rooftop bar; it will debut in late 2013.