Quote:
Originally Posted by JMKeynes
I like the Roosevelt and hope it's not going away any time soon.
I think that the Hotel Penn will remain for a while. That area is still in transition. It's an armpit.
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The Grand Hyatt had only about a year or two left anyway. The Hotel Penn is a placeholder, Vornado content to keep it open so long as it was doing steady business. The hotel business in the city is gone for now, and particularly for these large hotels, could take quite a while before we can even begin to suggest it’s close to being back. That will have a big bearing on what Vornado decides to do. They’ve continued to sign leases in surrounding properties, and we’ve all seen the transformation of the Hudson Yards in what is still largely a wasteland. The Hotel Penn is still the most prime development site (other than the Grand Hyatt) in town. If it’s no longer feasible to keep the Hotel Penn open, it will close.