Grand Bay Hotel, Parc FiftyOne, The Michelangelo, Executive Plaza
The demolition of Madison Square Garden and the Roxy Theatre, and the increasing presence of unsavory businesses and the desire for newer more elegant hotels contributed to the early 1980s closing of the Taft Hotel. In 1988, following the construction of the 787 Seventh Avenue office tower, across 51st Street to the north, the hotel was converted to mixed use. The eighth through the 21st floors were rebuilt as condominiums and the first seven floors were occupied by the Grand Bay Hotel. The hotel and the condominiums had separate entrances side by side on 51st Street.
In 1990, hotel chain Park Lane International acquired the hotel portion and renamed it Parc Fifty-One. In 1992, Starhotels acquired it for $42 million and renamed the hotel The Michelangelo.
The building also includes America's largest TGI Friday's, located in the space that once housed the lobby of the Roxy Theatre and a Ruth's Chris Steakhouse facing West 51st St.
Read more about this topic: The Michelangelo
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