It is currently owned by Bayshore Company Tampa, Florida, is managed by Rhaglan Hospitality LLC, and operates as a historic boutique hotel under the Curio Collection by Hilton brand.

The "Rainbow Room" lounge debuted in 1937 and became the watering hole for an informal group of influential persons called the "Knothole Gang"[citation needed].

After decades of decline, the hotel was purchased in 1983 by an investment group made up of NBA players, including Kareem Abdul-Jabbar and Ralph Sampson.

In April 2006 the Redmont's ownership group announced plans to convert its two uppermost floors into nine one- and two-bedroom condominia with another luxury condominium in the penthouse.

The work, contracted to local company Stewart Perry, included completely updating all guest rooms, and adding a new independently operated restaurant and bar, along with a café.