NEW YORK CITY-The iconic Hotel Pennsylvania will not see the wrecking ball after all.
Despite security approvals from the City Council to raze the building in favor of a 67-story office tower, Vornado Realty Trust Chairman Steven Roth says the weak economy has helped persuade the REIT to save the 1,700-room hotel, according to Crain's New York Business.
“It's an interesting option to have, but it's not possible today” Roth said earlier this week at an investor conference. "We're not going to tear down the hotel. In fact, we're going to invest in it aggressively and try to make it into a really profitable, really good hotel.”
The company did not provide any further information on its capital improvement plans for the hotel. See story in Crain's New York Business.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.