The partners in the joint venture also said that the 722-room midtown Manhattan property, located at the corner of Lexington Avenue and 51st Street, will immediately undergo a dramatic aesthetic transformation designed to maintain the hotel's prominence among choices for visitors to New York. The Metropolitan's guest rooms, lobby and other public areas will all be refurbished to reflect stylish, contemporary themes. The Metropolitan, designed by architect Morris Lapidus and opened in 1961, has art deco, post-modern architectural features, a curving facade and colorful exterior. The hotel has 12,000 sf of meeting space and concierge floors with private lounge, a fully equipped health club, gift shop, beauty salon, Lexy Lounge and the Lexington Avenue Grill restaurant and bar.

In a statement, officials from Loews Hotels say, "When the hotel opened 42 years ago as the Summit, it was the first new hotel to be built in Manhattan in 30 years. It is of course sad to say good-bye to this property and the wonderful people who work there, but in keeping with Loews Hotels portfolio and growth strategy, we continue to focus on four and five star, one-of-a-kind, luxury hotels."

"We believe that this transaction provides our partnership the exciting opportunity to re-position the asset and capitalize on the resurgence of the New York hospitality market," says David H. Snell, VP, Highgate Holdings.