Vornado Realty Trust to Raze Hotel Pennsylvania and Create Tracking Stock for New Developments

Maurie Backman, The Motley Fool
·3-min read

2020 was a really rough year for hotels, and that extends to New York City properties. In December, the occupancy rate among New York City hotels was just 36%, a significant drop from the 88% occupancy rate city hotels enjoyed during the previous holiday season. In fact, a number of New York hotels have shuttered in the course of the pandemic, and now, Vornado Realty Trust (NYSE: VNO) is making plans to permanently close and raze its Hotel Pennsylvania, a Midtown Manhattan staple.