Dubai-based hospitality group Jumeirah will replace Starwood in January as the operator of New York's historic Essex House hotel.
The switch in management follows the hotel's change of ownership last week, when the Dubai Investment Group bought the property from Strategic Hotel Capital.
The hotel, which was built on Central Park South in 1931, will remain open next year while it undergoes a $50m (£27.5m) refurbishment to create a five-star, 500-bedroom property under the Jumeirah brand.
"We plan to create a true contemporary classic in New York, reflecting the tradition of the hotel's historic past and the ambition of its luxurious future," said Gerald Lawless, chief executive at Jumeirah.
Along with a handful of luxury Middle East properties, Jumeirah manages the Carlton Tower and Lowndes hotels in London.