59th Street at Fifth Avenue, looking east. Hotel Savoy is pictured

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Harry S. Black,[1] the owner of the nearby Plaza Hotel, bought the Savoy Hotel, built in 1890, and demolished it along with the adjacent buildings on the block to build a newer companion to the older establishment.[1] The 33-story, 128 meter[2] skyscraper hotel was designed by McKim, Mead & White, built at a cost of $30 million,[3] and opened on October 1, 1927.In 1958, Hilton Hotels purchased the property and opened a Trader Vic's within it on April 14, 1958. Hilton later renamed the hotel the Savoy Hilton. Hilton sold the hotel to Webb & Knapp, Inc. in May 1962, for $25 million.[3] Webb & Knapp resold the hotel to British Commercial Property Investments of Toronto later that year.[3] Hilton and the hotel's owners agreed to end the chain's management of the hotel in 1964, though the contract continued through 1967. Western International Hotels assumed management on June 2, 1964, renaming the property The Savoy Plaza, without the original hyphen.