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How does something in this town (where the shelf life for acoola can be counted in seconds) stay hip for almost 20 years? For the answer, look to the Royalton Hotelaa bastion of chic, theatrical design and beautiful patrons since it was opened by Ian Schrager and the late Steve Rubell (the guys responsible for Studio 54) in 1988. Perhaps it has something to do with its sleek, Philippe Stark design that still looks fresh and modern after 16 years. Or maybe itas the sexy, working fireplaces featured in 50 of the hotelas 205 rooms. Or maybe itas the lobby restaurant, 44, with its see-and-be-seen glamour and well-made martinis. One thingas for certain, though: No boutique hotel in this finicky city has been this hot for this long.