After a years-long restoration process by Gabellini Sheppard Associates, it reopened to the public on October 5, 2014, with Tishman Speyer as the new owner and operator. The renovation included the landmarked dance floor and a new cocktail lounge called Bar SixtyFive. However, the Rainbow Grill was not included in the reopened restaurant's floor plan; that space was instead taken up by SixtyFive. According to the new operating schedule, the Rainbow Room's only public operating hours were on Sunday mornings and afternoons, and on Monday nights; the rest of the time, the restaurant is used for private celebrations. In 2017, the Rainbow Room won an award for interior architecture from the American Institute of Architects.