In 1965, Kuldip Chand Oberoi of the Oberoi family of hoteliers, bought the hotel with his entire life savings at INR 40,000 where his lessee Nancy Oakley was running it as a guest house.

Subsequently, in 1995, the partnership firm "New Elgin Hotel" evolved into a private limited company, leading to the establishment of "Elgin Hotels Private Limited" with three directors: Mr. Diamond Oberoi, Mrs. Nimmi Oberoi, and Mr. Viraj Oberoi, a structure that remains unchanged to this day.

The hotel, designed in the style of a royal manor house, has undergone extensive refurbishment to reclaim its former grandeur while preserving its rich history.

This includes the incorporation of etchings by Goray Douglas, lithographs by William Daniell, period Burma teak furniture, oak floorboards, paneling, and original fireplaces.

This hotel has played host to dignitaries like the US Ambassador, the Crown Prince of Sikkim Palden Thondup Namgyal, to French author Dominique Lapierre, British journalist and writer Mark Tully, ghazal singer Pankaj Udhas, and former Minister of External Affairs Jaswant Singh and model-actor Milind Soman.