Costs rise at Pierre

The Pierre Hotel’s renovations are over budget and taking longer than expected. When Taj Hotels took over the Pierre, at Fifth Avenue and 61st Street, in 2005, it estimated the renovations would cost $35 million and take two years. Three years later, the project is still going on and the cost rose to $100 million. The hotel is expected to reopen early next year, with an average room rate of $1,000 per night.

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