NEW YORK CITY-The ownership of the storied The New Yorker hotel has begun a five-year renovation aimed at doubling the number of rooms that would make it the third largest hotel in the city.

The multi-million dollar program will have the hotel, upon completion, offer 1,800 rooms, according to Crain's New York Business. The first phase of the project, valued at $30 million, has already begun and is converting nearly a third of what is now mostly vacant commercial space into new hotel rooms.

By February 2014 the hotel will offer 114 new rooms and by June another 174.

"The idea is to make the rooms more efficient for the business traveler," said Ann Peterson, the general manager of The New Yorker hotel. "The look is crisper, cleaner and updated." See story in Crain's New York Business.

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