 In 1978, InterContinental Hotels purchased The Barclay from Loews Hotels which had bid on hotel assets of The Penn Central Corporation (ex- New York Central Railroad) which operated four Grand Central City hotels, including The Barclay, through their Realty Hotel Group.After a $32 million, four-year renovation, it became the Hotel InterContinental.Another restoration in 1995 restored the lobby and public areas at a cost of $20 million.