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Welcome to the Hotel Pennsylvania (Or What it May Become)

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The haggard budget hotel on Seventh Avenue near Penn Station/MSG already escaped the wrecking ball once when owner Vornado Realty Trust's negotiations with Merrill Lynch to occupy a new office tower built on the site ended, to the delight of pampered pooches everywhere. Now, even though Vornado is considering renovating the profitable hotel and adding three floors of retail space, the option to raze it and build a commercial skyscraper is still on the table. The Real Estate points us to a pair of renderings offered by Vornado of what that tower could potentially look like. We're not saying we don't believe Vornado's Steve Roth when he talks about how "damn well" the hotel is doing, but his willingness to share these renderings has to make Hotel Penn fans (and they're out there!) nervous.
· Vornado Boss: Hotel Pennsylvania Doing 'Damn Well' As Is [TRE]
· Vornado Unveils New Midtown Plan: Less Moynihan, More Mall [Curbed]