Ian Schrager Hotels took over management in 1997, and the hotel became simply Clift. Schrager bought the hotel outright in 1999, for $80 million. Soon after, he oversaw a $50 million complete renovation, which involved the restoration of the Redwood Room, and the gutting and redesign of much of the rest of the hotel, by designer Philippe Starck.
In 1997, Ian Schrager Hotels took over management of the hotel, renaming it Clift.  Schrager purchased the hotel outright in 1999 for $80 million. He then oversaw a major renovation costing $50 million, which included restoring the Redwood Room and redesigning most of the rest of the hotel with designer Philippe Starck's vision.