By Doree Shafrir, 4:30 PM on Mon Jul 30 2007, 264 views (Edit, to draft, Slurp)

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The Plaza's ballroom is undergoing a $12.5 million restoration, which its new owners hope will place it, once again, in that great pantheon of overpriced, gaudy hotels where debutantes have their balls and where the nouveau riche like to get married. (That would be the Waldorf Astoria, the Pierre, and the St. Regis.) Also, "the new owners are looking to regain more than the grand ballroom's vintage cachet: they want the refurbished room, and its new event-space satellites, to be a way of life again." Can't wait. [NYT]