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Sheraton Corp., ending uncertainty about the fate of theonce-premier St. Regis hotel at Fifth Avenue, has bought out itspartner, Equitable Life, and will renovate the 84-year-old hotel that was closed June 30. The hotel chain said the renovation will take 14 to 18 months and will include replacement of major engineering systems, restoration of the facade and expansion of guest rooms that will cut the total number of rooms and suites from 437 to 380.
Sheraton did not reveal the planned cost of renovation or the price it paid Equitable Life Assurance Society of America for the hotel at 55th Street.
Edward R. Lewis, a real estate broker who specializes in hotels and has handled four sales of the St. Regis, said Sheraton will spend...