Bad news on the hotel front, looks like the tide is turning in favor of Vornado. According to the recent study the occupancy rate of offices has risen dramatically. Reuters reports, "Manhattan office tenants leased 2.6 million square feet in May, the largest since 2006." This gives Vornado the leverage they need to build the tower at the site of the Hotel Penn. The article can be found below.
http://www.reuters.com
