As reported in May, British brothers David and Simon Reuben purchased the old Chesterfield Hotel this spring for $42m; even more exciting, the duo have brought in the prestigious Oetker Collection—which operates such luxury hotels as Le Bristol in Paris and Hotel du Cap-Eden-Roc in Antibes—to run it. This will be Oetker Collection’s first property in the U.S.

Built in 1918, the Palm Beach mainstay was long best known for its Leopard Lounge, where wealthy widows would go to enjoy a vodka martini or glass of champagne and dance the night away. Located on prime real estate on Cocoanut Row, the boutique hotel is close to Worth Avenue and the beach. And, thanks to a charming swimming pool and elegant high tea served in the garden, the hotel nabbed Condé Nast Traveler Readers’ Choice Award Winner in Florida last year.

Architect Tino Zervudachi is on board to completely overhaul the interiors, including reducing room count from 53 to 41 to create more spacious stays for guests. The hotel’s iconic pink exterior, however, will stay.

In a nod to its storied past, he Oetker Collection will restore the hotels’ historic name, The Vineta Hotel, before it reopens in late 2023.