(CNN) — In 2016, two New York City establishments became some of the newest members of one of the world's most elite travel clubs.

Just 120 hotels and 63 restaurants earned AAA's highest rating over the past year, which the company says represents 0.3% of the nearly 59,000 AAA-approved and diamond-ranked restaurants and hotels.

The travel company's rating system covers the United States, Canada, Mexico and the Caribbean.

Hotels and restaurants in contention for five diamond ratings are examined multiple times for their "guest services and physical attributes," says the company.

St. Regis New York's King Cole Bar. Courtesy St. Regis New York

"Five Diamond establishments represent the upper echelon of hospitality, redefining personalized service, using creativity to enhance guest comfort and providing memorable experiences," says Michael Petrone, director of AAA Inspections and Diamond Ratings, in a press release.

In addition to the Modern and the St. Regis, the newest members of this elite list are:

Among existing members of the Five Diamond club, The Broadmoor in Colorado Springs is the only hotel that's kept its Five Diamond Rating since 1976, when the ratings were first announced for hotels.

The Inn at Little Washington's restaurant in Washington, Virginia, is the longest tenured Five Diamond restaurant. It's kept its Five Diamond rating since 1988.