Vornado Third Quarter Earnings

Vornado talks about their third quarters earnings, and the renovation of the Hotel Pennsylvania.

http://vno.com/investor-relations/presentations

HP Renovations get $300M Budget

Renovations to the Hotel will soon be starting. Vornado announced in its third-quarter earnings call. Although we don't yet know the scope of the renovation, it is reported that they will be spending up to $300 million on the project.

Penn Station Renderings

As you may know, Madison Square Garden's lease is up and some influential groups in NYC want to see the garden torn down and a better Penn Station rebuilt. While I agree that it is time for a new station, I don't agree with are the (unofficial) design proposals... Take a look for yourself. I have no idea how these designs play tribute to a structure whose loss is possibly one of the greatest architectural blunders the city has ever seen. The architects need to rethink their designs... or get a good spanking.... Check it out here.

Restoration Proposal Update

Our proposal for restoration has been completed and sent out to Vornado! We'll keep you informed on our progress. In the meantime, why not check us out on Facebook?

Restoration Proposal

We are currently in the process of writing up our proposal for the restoration of the hotel. We hope to come up with a plan that will restore the hotel but also set it up for great success in the 21st century. We will send the proposal to Vornado as soon as we can. We hope to work with Vornado to help make Hotel Pennsylvania one of the best hotels in Manhattan. More updates to come!

New Chapter - New Name

Now that the threat of demolition is finally over, we felt it was time to change our name to something more suitable for our current intended actions. We are now the "Hotel Pennsylvania Preservation Society". Our current goals are to persuade Vornado to RESTORE the hotel instead of just renovating it. Don't get us wrong, we're so grateful that Vornado even decided the hotel isn't being demolished, but our work will never be done until it is restored to it's original 1919 splendor. Until then, on behalf of all of us here, Welcome to the Hotel Pennsylvania Preservation Society!

WE WON!

In a shocking move this week Vornado has announced to give up its plans to tear down the historic Hotel Penn, and instead bring in new management to renovate the old girl!!  A quote from CEO Steven Roth,  "We're not going to tear down the hotel," Mr. Roth said. "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."

All of us at the Foundation are thrilled with this news!!

Vornado CEO Fascitelli Stepping Down, Roth to Replace!

The Wall Street Journal reported today that "Vornado Realty Trust (VNO) said President and Chief Executive Michael D. Fascitelli is stepping down, and Chairman Steven Roth will return to his former role as CEO.

The real estate investment trust said Mr. Fascitelli plans to take a break after which he will pursue new challenges.

Mr. Fascitelli--who will step down April 15--will continue to serve on Vornado's board. He joined Vornado 16 years ago as president and trustee and became CEO in May 2009.

Mr. Roth joined Vornado in April 1980 and has been board chairman since May 1989. He was Vornado's CEO from May 1989 through May 2009.

Separately, Vornado's 32.4% affiliate, Alexander's Inc. (ALX), said Mr. Fascitelli would resign as its president effective April 15 and that Mr. Roth continues to serve as its chairman and CEO. Vornado is the manager that conducts Alexander's operations.

Vornado owns and manages commercial properties around New York and the District of Columbia. The real-estate investment trust has been buying up more in its strongest markets, while shedding properties in its noncore markets.

Its latest announcement comes a day after Vornado reported its fourth-quarter earnings slipped 1.3% with a loss from its stake in J.C. Penney Co. (JCP), though core funds from operations and revenues improved.

Shares closed Tuesday at $83 and were inactive premarket. The stock has risen 11% in the past three months."

In the past Mr. Roth who has never been a fan of the hotel has referred to it as a "placeholder, like a parking lot"

What does this mean to the fate of our beloved Hotel?