Across from MSG, Hotel Pennsylvania to live on

The Wall Street Journal reports that Hotel Pennsylvania, opposite Madison Square Garden, in New York, will remain a hotel and receive a big upgrade. In a reversal of sorts, owner Vornado Realty Trust decided to abandon a plan to replace the hotel with an office tower.

The company also finalized its plan to invest in an upgrade of the hotel, most likely bringing in a new operator.

"We're not going to tear down the hotel," said Vornado Chairman Steven Roth. "In fact, we're going to invest in it aggressively and try to make it into a really profitable, really good hotel for our purposes."

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Inspired by the history of the property, the overall design maintains the originality of the existing building while adding new amenities. 

The refurbishment focused on guestrooms and hallways along with exterior painting and lighting upgrades.