Endangered Hotel Penn Nets Nearly $38 M. in '07
HotelPenn.com
"World's Most Popular Hotel"
With Merrill Lynch staying put downtown and plans to redevelop Penn Station in flux, Vornado CEO Steven Roth may not know what to do with the Hotel Pennsylvania--a building the company once described as "a placeholder, sort of like a parking lot."
In the meantime, the historic lodge continues to make his company some big bucks--netting roughly $37.9 million last year.
That's $10.6 million more than in 2006, according to the company's latest filing with federal regulators, which further added, "This property continues to trend higher in 2008."
With revenues on the rise, does it still make sense to raze it?
It never made sense to tear it down.
Still doesn't make sense.
This is a Historic Monument One of the greatest Hotels ever built, and is still beautiful on the outside and inside. we should all be talking about preserving, restoring and continuing to use it as the Hotel Pennsylvania-one of the last great Statler Hotels.
Even the thought of a proposed demolition is absurd. It is sheer greed that plagues this city. We must not give in to greed. Save Hotel Penn, for the future of New York!
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