Plaza 500 Hotel may become apartments!

[red_lantern]

With all the troubles that face the aging plaza 500 hotel (unpaid bills, lawsuits in the millions) the owner is now thinking to make the building apartment rentals.
Just imagine, the owner who can't pay his bills on time now got some stupid idea in his head to rent these out to unsuspecting tennants. Yikes.
IF he can't even get his stuff together managing and owning the hotel how is he supposed to get his crap together managing the suites. Um...slumloard comes to mind. If this goes through I bet anything that we will hear about the living conditions in the news in a few years.

The best he can do is demolish the building and sell the land and let someone take over that knows what they are doing.

[jimtan]

What a negative person. Red must be a very successful businessman.

Owner could convert hotel to luxury condo next to Broadway station. Sell for $800 psf?

[Warren12]

Even low quality would produce decent cashflow. Although it should work as a hotel too. Somebody with cash in hand should make those clowns a lowball offer.

[semven]

Interesting. I dont know what the vacancy rates are like Downtown but it might be an interesting Live/Work rental reno project.

[Warren12]

I recently re-rented my downtown condo. I always price a little under my competition for the size and location. I had more interest than ever.