Someone in this thread mentioned that the hotel is currently having its rooms and hallways extensively renovated. For those of you who are calling for its complete obliteration (including myself), I don't see much hope of that happening if they are spending so much money trying to modernize it. Maybe in 50 years though!
The existing owners have been modernizing the interiors. That may have been a part of the play to sell it but that's no guarantee that the new owners won't be buying it for its land value and density swapping potential.