Vikram Chatwal Hotels has taken the wraps off its Dream Downtown hotel in a restored 1960s-era Albert C. Ledner building in New York.

The newly opened 190,000-sq.-ft. property underwent a $270 million-dollar renovation overseen by architecture firm Handel Architects and lead design partner Frank Fusaro.

The hotel, at 355 W. 16^th St., has 316 guestrooms and suites, a lobby restaurant and VIP penthouse lounge (both operated by TAO/Strategic Group), a soon-to-open restaurant by Dr./Chef Miguel Sanchez Romera, an expansive pool deck, a contemporary beach club and fitness facilities with spa services.

Fusaro and the team at Handel Architects preserved the Ledner building’s distinct character, including its portal windows. The design of the hotel’s loft-inspired guest rooms was influenced by Andy Warhol’s Factory, and feature contemporary furniture pieces and custom Etro bathroom amenities.

“We hope guests and visitors agree that the hotel marks a bold new direction for the Dream brand, with eclectic design elements and art pieces hand-picked from all over the world,” said hotelier Vikram Chatwal, founder of Vikram Chatwal Hotels, a subsidiary company of operating parent corporation Hampshire Hotels & Resorts.

Dream Downtown marks Chatwal’s fifth hotel opening in New York, with existing properties The Time, Night, Dream New York and stay. all with Uptown locations in Manhattan’s theater district.

Original plans called for an opening this month, but like many new hotel builds in NYC the opening of the Dream Downtown has been pushed back to the summer.

Already nicknamed the “cheesegrater” the Dream Downtown is right next to The Maritime Hotel, which sports a similar window-porthole design. If you can’t wait for the summer opening The Maritime will be a good alternative.

The website does not give much information and neither does the facebook page. However we know the Dream Downtown will have 316 “loft-inspired” bedrooms and a heated pool with translucent bottom visible from the ceiling of the lobby lounge. We have seen this already at the Axel Hotel in Buenos Aires! And though 316 rooms is not exactly boutique as the Dream Hotels’ website promises, we for sure think the Dream Downtown will be as sexy as its siblings uptown at Times Square, in Bangkok, Cochin (India) and the soon-to-open Dream South Beach in Miami (which partly operates as The Palmer House now).

Dream Hotels, owned by Vikram Chatwal (a well-known hotelier) and Wyndham Worldwide, one of the world’s largest hotel chains announced a joint-venture early this year to expand the Dream brand into other locations worldwide.