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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