IHG’s plowing millions into the renovation of its InterContinental New York Barclay hotel, the hotel giant announced today.

The hotel will undergo a whopping $175 million renovation, which will make it the most expensive renovation project in Manhattan in recent times since the New York Palace completed a $160 million renovation. The hotel will be closed for 18 months.

“The result will be the rebirth of a luxury hotel that reflects its elegance and architectural grandeur, as well as the classic taste and style of its sophisticated, international neighborhood,” said Herve Houdre, the hotel’s general manager and a regional director of operations for IHG.

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The historic hotel opened in 1926 near the United Nations building, making it a frequent stop for heads of state and U.S. presidents.

Expect the revamp to keep its heritage alive, while positioning the hotel for the modern business traveler. Among the updates to watch for:

  • 700 renovated guest rooms
  • a new InterContinental Club Lounge
  • a revamped lobby with a new Gin bar and restaurant

Readers: What modern conveniences do you expect these days in historic hotels?