Crowne Plaza Times Square Hotel Files for Bankruptcy
From left: Vornado’s Steve Roth and Andrew Penson with 1601 Broadway (Vornado, Getty)
The owners of the recently reopened Crowne Plaza Hotel in Times Square filed for Chapter 11 bankruptcy protection Wednesday in an effort to resuscitate the ailing and lawsuit-plagued business.
Andrew Penson’s Argent Ventures wants to reorganize the finances of the hotel’s home, 1601 Broadway, having gained control of the 46-story tower in the heart of Times Square by vanquishing office giant SL Green in court and replacing Vornado Realty Trust.
Penson had elbowed his way into the marquee property by buying — at a steep discount —