Hotel Penn still in danger. Roth still sees it as a “Parking Lot”…

In todays 3rd Quarter earnings conference call Steve Roth still referred to the grand ‘ol lady as a “parking lot”

“A word about the hotel business in New York. While both domestic and international tourism remains strong, the hotel industry is in a down cycle, the victim of gross oversupply. The results of our Hotel Pennsylvania have been weak. We continue to look at this hotel as a parking lot for future development as part of our overall Penn Plaza strategy.”

Still no decision on if they want it to be a residential or an office tower.

The transcript can be found here