The Gramercy Park Hotel has a new operator that will reopen the iconic Manhattan establishment in 2025, that new operator, MCR/MORSE Development, announced Friday.

The hotel has been closed since it shut down in March 2020 due to the COVID-19 pandemic.

MCR, the country’s third-largest hotel owner and operator, says it signed a lease for the property earlier this month.

MCR/MORSE Development says they will renovate the hotel, including the lobby, rooms, restaurants and bars.

“We will return this beloved hotel to its original splendor as the jewel of Gramercy Park — one of the most magical and unique neighborhoods in Manhattan,” Tyler Morse, the chairman and CEO of MCR/MORSE Development, said in a press release.

The Gramercy Park Hotel was built in 1924 on the site of the birthplace of novelist Edith Wharton. It became a hot spot for celebrities to stay at when they were in Manhattan.

MCR owns and operates 150 hotels across 37 states. Their Manhattan properties include The High Line Hotel and the Sheraton New York Times Square. They also developed the TWA Hotel at John F. Kennedy International Airport in Queens.