Ian Schrager, king of such ultrahip hotels as New York's Royalton and Paramount, L.A.'s Mondrian, and Miami's Delano, renovated this classic old luxury property in 2001 for trendy hipness. Young trendsetters flock here for the monochrome pale-purple streamlined rooms and glamorous atmosphere. Its best attribute is the renovated historic Redwood Room, complete with sexy redwood walls and a luxurious interior designed by Phillipe Starck. The equally trendy and up-scale Asia de Cuba restaurant adjoins the swank lounge.