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Hotel Pennsylvania

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About Hotel Pennsylvania

Vornado Realty Trust is a veritable whirlwind of real estate activity. The company's office holdings, which total more than 38 million sq. ft. of space, include more than 80 properties in and around Washington, DC, and nearly 30 more in New York City, primarily in Manhattan. The company's retail portfolio consists of about 180 strip centers, malls, – more... and street-level stores with more than 26 million sq. ft. in the Northeast, California, and Puerto Rico. Its Merchandise Mart segment owns six showroom properties, including Chicago's Merchandise Mart and L.A. Mart; it also produces trade shows. In addition, Vornado owns about a third each of New York retail property owner Alexander's and Toys ''R'' Us.

In 2010 Toys "R" Us announced plans for an IPO that it hopes will raise as much as $800 million. However the offering has been delayed by market conditions.

Also in 2010 Vornado gained a 26% stake in LNR Property as part of that company's recapitalization efforts. Battered by the real estate downturn, LNR had difficulty meeting its debt obligations. Vornado invested in the firm along with LNR's other primary creditors, iStar Financial, Cerberus, and Oaktree Capital Management. The company also owns about 10% of J. C. Penney. Other holdings include a controlling interest in the Bank of America Center in San Francisco, New York City's Hotel Pennsylvania, and a handful of warehouse and industrial properties in New Jersey.

One of Vornado's stated goals is to purchase new properties and redevelop existing ones in its portfolio in the New York and Washington, DC markets.  After a quiet 2009, it positioned itself for acquisitions with the formation of an approximately $900 million real estate fund the next year. The company's revenue and net income rose in 2010 and 2011 as leasing activity picked up along with the economy. Improved performance from the company's investments helped as well. – less

Hotel Pennsylvania Employer Reviews

Front Desk Agent (Former Employee), New York, NYSeptember 16, 2014
Assistant Director of Housekeeping (Former Employee), New York, NYFebruary 13, 2014

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