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The InterContinental New York Barclay hotel at Lexington Avenue and 48th Street has shut down for a year in order to conduct a $175 million renovation. The 685-roomer, which has been operating for 88 years, got new ownership this year, which provided funding for the makeover. Apparently, when it reopens it'll boast 17 extra rooms and evoke "its original Federal-style elegance. Re-imagined interiors will reveal the luxurious residential feel of the original 1926 hotel." [Crain's]