Hotel Pennsylvania to be renovated, not razed

Vornado, a real estate investment trust, owns 7.5 million square feet of office and retail space in the blocks surrounding the hotel. Roth said at the Monday conference that the company now aims to develop the hotel as part of its strategy to drive up the value of the surrounding properties.

“We’re trying to make it an amenity to the area, where we have billions of dollars of assets surrounding it,” he said.

The company is working with other hotel operators to formulate a plan for upgrading the Pennsylvania.

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