As the 1970s began, The Olympic continued to host royalty, officially being placed on the National Register of Historic Places. Soon, preparations began for a major restoration project that would close for some time.
Before closing for remodeling, calls flooded the front desk of The Olympic from people wanting old room keys as a keepsake. Charity groups were given keys for fundraising purposes, but an estate sale offered anyone who wanted to own part of the hotel an opportunity. On October 16, 1980, the large estate sale—even for Seattle standards—opened for business as the hotel sold off just about everything, including the doors to the guest rooms. Within weeks the building was picked clean, except for the original 1920s chandeliers in the lobby. After a $62.5 million entire restoration, The Olympic re-opened for business on Sunday, May 23, 1982, and continues to be an iconic presence at the epicenter of the city.