Harry S. Black, owner of the Plaza, bought the Savoy Hotel, consolidated the block, and demolished it to commission a newer companion to the older establishment from the architects of the Plaza. The 33-story, 420-foot (130 m) skyscraper Savoy-Plaza Hotel was designed by McKim, Mead & White, built at a cost of $30 million, and opened on October 1, 1927.

Hilton Hotels acquired the hotel in January 1957 through an exchange of stock with Savoy-Plaza, Inc. On December 31, 1958, the full merger of Savoy-Plaza, Inc. and Hilton Hotels Corporation became effective, and the hotel was renamed the Savoy Hilton.

Hilton sold the hotel to Webb & Knapp, Inc. in May 1962, for $25 million. who resold a two-thirds interest to British Commercial Property Investments and a one-third interest to London Merchant Securities. Western International Hotels assumed management on June 2, 1964, renaming the property The Savoy Plaza, without the original hyphen.

The owners announced plans for the hotel's demolition, to be replaced by a 48-story office tower, designed by Edward Durell Stone to house the Eastern headquarters of General Motors.

The hotel remained open through the 1964 New York World's Fair, finally closing in October 1965. Demolished in late 1965 and replaced with the General Motors Building, completed in 1968.