Hotel Penn Still Improbable Cash Cow For Vornado

One-time demolition target Hotel Pennsylvania continues to line landlord Steve Roth's pockets, giving him even more reason to hang on to the old McKim, Mead & White-designed lodge. Quarterly figures released this week by Mr. Roth's Vornado Realty Trust show the historic hotel generating even more revenue than last year -- a total of nearly $30 million so far through the first nine months of 2008.

That's about $5 million more than it made over the same timeframe in 2007, when the hotel ultimately netted $37.9 million.  read more »

Copyright Obser - Observer
Contact Us