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The St. Regis Sheraton, the prestigious Fifth Avenue address for visiting business people, needs a major interior overhaul to remain competitive with other luxury hotels and will close June 30 for at least a year, the owners said yesterday.
The closing will not extend to shops in the building, but 360 hotel employees will be terminated. How many of the employees may get the chance to return after the overhaul was unclear yesterday because of the possibility that the property will be sold.
The 84-year-old hotel, built in 1904 by John Jacob Astor, is owned by a joint venture partnership of the Equitable Life Assurance Society of the U.S. and the...