Designers bringing haute couture to hotel business.

We are in the midst of high tourism season in the City that never sleeps and hotels are reaping the benefits. With the holidays poised to break records, everyone who is anyone is coming to town and the hospitality industry is booming.

It is time to discuss one of my favorite Manhattan hotel subjects--the divine, unmatched Plaza Hotel. This gem will reopen in the spring after a $350 million renovation and will be crowned a "condo-hotel"--a most trendy hybrid that has become the buzzword of the year.

The 152 rooms will be sold for incredible creme de la creme amounts, in exchange for the most coveted address in the world: Fifth Avenue and Central Park South.

The owners will be able to live in their condos for up to 120 days a year. For the remainder of the year, the rooms will be rented to hotel guests at rates fit for a king ... or queen. The owner may choose to pay a portion of the hotel's maintenance and marketing bills and in return, receive a percentage of the revenue when guests stay in the most convenient, most elaborate, most luxurious spot nestled in the heart of it all.

Moving along to other haute hotel news, Hyatt plans a new high-style hotel at 485 Fifth Avenue that will also be a hybrid with condos, time-shares and hotel rooms. Fashion designer Peter Som will design the striking lobby. This new hotel will be in the former location of the Tommy Hilfiger office buildings.

The New York Radisson Martinique Hotel, formerly known as the New York Martinique Hotel, is being renovated and given a luxurious facelift. Located on 32nd Street and Broadway, it will now feature flat screen televisions, new lush rooms, a beautiful lobby and workout facilities.

Wyndam's new upscale Wyndam Garden brand will feature the new Michael Graves' design collection. 339-345 West 36th Street, between Eighth and Ninth Avenue, is located close to Madison Square Garden. 37-39 West 24th Street will be a 17-story property boasting 124 rooms. The third, at 20 Maiden Lane, will have 115 rooms and is slated to open in late 2007.

Ian Schrager's reinvented Gramercy Park Hotel at 2 Lexington Avenue, has opened its doors after completing the three-year-long first phase of the $200 million project. The hotel was designed by the artist Julian Schnabel with rich baroque colors and jaw-dropping contemporary art. Guests will also be granted access to the exclusive gated East Side Park. Alan Yau, the visionary behind Wagamama, Hakkasan and Yauatcha, will unveil Park Chinois very soon and a rooftop club and garden are still to come.

Moments from its debut, The London NYC, formerly the Rihga Royal, is already an object of desire. Located at 54th Street and Sixth Avenue, the stylish new design boasts interiors by David Collins, made up of two palettes for the over 500 guest rooms--one is a soothing silver and blue and the other is rich gold and jewel tones.

The elegant suites also have white-on-white Waterworks bathrooms and closets with open plans to satisfy the fashion-savvy visitors who need plenty of space for designer wardrobes and recent purchases! Guests will feel comfortable in this spectacular hotel with the concierge service Quintessentially, eager to attend to extravagant whims and the tiniest desires. Perhaps the most important reason to stay, though, is the eponymous restaurant by famed British chef Gordon Ramsay located onsite.

The Gansevoort Hotel is opening a second New York location on Park Avenue South and 29th Street and restaurateur Myles Chefetz may open a Prime 112--the hottest steakhouse in Miami--inside.

Big news is that some of the world's top luxury chains have yet to create a New York presence, which would be the final jewel in their crown. Raffles and Shangri-La are actively seeking dream space and are pondering the Drake Hotel site.

One must not only sleep in style, but also enjoy the City as the dining epicenter for every culture, every fare and almost everything and anything in between. Ready your palate for a culinary tour! Restaurateur Quentin Dante is leaving Asian fare for the moment and has partnered with Suzanne Latapie of La Goulue to debut Chat Noir, a new midtown bistro at 22 East 66th Street between Fifth and Madison. Tim Love, a Texas chef, has opened Lonesome Dove Western Bistro featuring upscale Southwestern fare at 29 West 21st Street.

Ted Turner opens the first New York outpost of Ted's Montana Grill at Rockefeller Center, 110 West 51st Street. Modern Asian cuisine, highlighting foods from China, Thailand and India can be found at I-Chin, 247 East 50th Street.

7Square, with chef Shane McBride, formerly of Oceo, is a new chophouse at 224 West 49th Street. Fika, 41 West 58th Street, is an espresso bar and cafe with major Swedish influence like the name. Porter House New York, 10 Columbus in the Time Warner Center, with chef Michael Lomonaco has opened to great acclaim. Lounge-like STK, 26 Little West 12th Street, is a meatpacking district newbie with Chef Todd Mark Miller serving up the porterhouse in high style. Fig & Olive Mediterranean restaurant will also grace Meatpacking at 416 West 13th Street. Craftsteak, 85 Tenth Avenue, is open for lunch and also offers a full raw bar. The renowned Tasting Room reveals a new and much larger space at 264 Elizabeth Street. French superstar chef Alain Ducasse is moving his famous restaurant from the Essex House to the St. Regis Hotel in early 2007 for a larger, more upscale location.

Join the festivities--grab a seat at one of the city's most sought-after tables and reserve a room in the most decadent hotel!

BY FAITH HOPE CONSOLO, CHAIRMAN, RETAIL LEASING AND SALES DIVISION PRUDENTIAL DOUGLAS ELLIMAN