From Reuters:
Owner Says $2-3 Million Needed to Renovate Hotel
The New York hotel that inspired creative talent from Sir Arthur Clarke to Sid Vicious is up for sale. The Chelsea Hotel, controlled primarily by three families that have owned it for 65 years, will remain a haven for struggling artists despite changing hands, a hotel spokesman said on Tuesday. The 12-floor, 250-room hotel was built in 1883 on 23rd Street between Seventh and Eighth avenues, a part of town called Chelsea that was a theater district at the time. Now it is home to a concentration of art galleries and is one of the city's best-known gay districts. Click here for the full story.