A suite at the New York Palace Hotel has earned its designer the Gold Key Award for Excellence in Hospitality Design, the hotel announced Wednesday. The award for “Best Suite” was awarded to jeweler Martin Katz for his eponymous Jewel Suite by Martin Katz. The suite was designed by Katz along with wife and business partner Kelly Fisher Katz after he was selected by the hotel to take part in a $140 million renovation.

The 5,000+ square foot space was designed to impart the feeling of living in a jewelry box, surrounded by Katz’ one-of-a-kind jewel designs. Spanning three levels, from the grand reception foyer to “The Diamond Boudoir Sitting Room”, the suite also includes two bedroom suites, a living room, dining room, entertainment lounge, and a private rooftop terrace and garden which features a spa with a view of the Manhattan skyline.

Included in the redesign are several signature touches, including a 20 foot “Waterfall of Diamonds” chandelier, original pieces designed by Katz specifically for the Jewel Suite, jeweled china patterns in the dining room, and jewelry designs that are showcased in specially designed, suspended “Jewel Boxes”. As though the jewels displayed in the suite were not opulent enough, the “jewel” of the Manhattan skyline is also on offer through the 15 foot windows in the “Main Salon” which also features a grand piano (which appears to be jewel-free).

“Designing the suite was a truly inspiring process for me,” explains Katz. “It really enabled me to see the space as its own jewel and I am so honored to be recognized for it. I am thrilled to have been able to create this in concert with my wife, Kelly. Her inspirations, taste and input were invaluable.”

“Martin Katz’s vision for The Jewel Suite truly exemplifies the upgraded experience we strived to give our guests through the recent $140 million renovations,” says David Chase, General Manager of The New York Palace. “Together we have changed the paradigm for luxury hospitality, a feat that could have never been realized without Martin and his brand. I am both proud and honored to have had the opportunity to work with Martin and have one of our suites recognized with this prestigious honor – there is no one more deserving of this Gold Key Award.”

Known as “Jeweler to the Stars” Katz is Hollywood’s go-to for red carpet jewels. Martin Katz designs are available exclusively at his boutique in Beverly Hills or at Bergdorf Goodman in New York City.

The suite typically sells for $25,000 per night, plus tax. A hotel spokesperson explained that at certain periods during the year the hotel would adjust pricing, particularly in the case of extended stays, and that the suite was not designed to run at high occupancy, rather being a select product for selective clientele; the hotel intends to maintain the integrity of the suite and its pricing. Another specialty suite, The Champagne Suite, is priced similarly.

The 909-room New York Palace Hotel is located in Manhattan at the corner of 50th and Madison, and completed a $140 million redesign of its guest rooms and public areas in the fall of 2013. Standard room rates start at $425 plus tax for Superior Rooms and $675 plus tax for Towers Rooms. Suites start at $1495 plus tax for one bedroom suites up to $1995 for Towers Corner Suites.