After being closed for three years due to a combination of the pandemic and a disagreement between the Four Seasons brand and the owner of a prominent Midtown hotel in Manhattan, there is hope for a change in 2024.

According to a report by Bloomberg, the Four Seasons brand and Ty Warner, the owner of the 57th Street property and founder of Beanie Babies, have finally reached a resolution and agreed to reopen the iconic property next year. As part of the agreement, another Four Seasons resort, the Biltmore Santa Barbara, will also be able to reopen.

The specific details of the resolution between Four Seasons and Ty Warner have not been disclosed. However, it is known that the dispute centered around construction costs and management fees. Even before the pandemic, Warner expressed concerns about the high operating costs of the hotel, which was not generating enough profits. On the other hand, Four Seasons was reluctant to adjust its management fees to match the hotel's profitability levels.

It's important to note that the Four Seasons brand doesn't own the properties in its portfolio but rather operates them on behalf of the owners. In 1999, after seven years since its opening, the elusive Ty Warner acquired the hotel for a staggering $275 million, following a hefty $475 million investment in its development.

The resolution of this long-standing conflict might also serve as a catalyst for the revival of the Plaza Hotel, located at 786 Fifth Avenue. During the pandemic, a portion of the Plaza Hotel had to be closed down, leading to discussions of Four Seasons potentially taking over the hotel's management. However, with the potential reopening of the Four Seasons Hotel New York at 57 East 57th, it was anticipated that the management rights for the Plaza Hotel would be granted to the Paris-based Raffles Hotels & Resorts.