Sources say the middling property is planning a multimillion-dollar renovation to capitalize on some of the recent developments in its neighborhood
Crains NY Business
edited by Valerie Block
July 22, 2007
Milford Plaza, the theater district hotel still known for its cheesy 1980s jingle sung to the tune of “Lullaby of Broadway,” will be spiffing up its image next year.
Sources say the 79-year-old middling property at 270 W. 45th St. is planning a multimillion-dollar renovation to capitalize on some of the recent developments in its neighborhood.
Several weeks ago, The New York Times moved into a brand-new office tower designed by Renzo Piano, and real estate experts say retail and other developments will soon follow.
Owned by real estate firm Ogden Cap Properties, the 1,300-room Milford Plaza will be completely redone, with redecorated guest rooms, a new executive club lounge and a new restaurant. Hotel executives could not be reached for comment. Room rates currently run about $250 a night.