off, and its architectural features became largely a habitat for pigeons for several years. After it closed, the station fell into the custody of the federal government's General Services Administration, which struggled for years to find a viable redevelopment plan as the station continued to decline. Nashville locals continuously rejected plans that did not include retaining the main terminal building. Redevelopment The site remained vacant until 1986 when a group of investors worked together to turn it into a luxury hotel with 125 luxury rooms and 12 suites. The hotel plan was based on the use of "junk bond" financing, and the interest payments were so high the hotel required 90% occupancy at an average room rate of $135 per night to break even. This was not a supportable business model in the 1980s Nashville hotel market, and the project soon went bankrupt, calling the future of the station into question again. However, a new investor group bought the hotel in bankruptcy and was able to operate profitably without charging exorbitant room rates or requiring such a high occupancy rate due to the lower cost basis. More problematic was the effort to find a modern use for the massive trainshed adjacent to the terminal building. Said to be the largest of its kind in the world at the time and an engineering masterpiece, the structure continued to deteriorate. Several suggested plans, including one to raise it up to street level (from the cut level) and turn it into a farmers' market, never came to fruition. A fire damaged the structure in 1996, and it was eventually demolished in late 2000 after several years of failing to come up with a viable preservation plan. Since the site's conversion to a hotel in 1986, Union Station has undergone several renovations. The first occurred in 2007 and cost $11 million. An additional $1.9 million of upgrades were made in 2012 when the hotel became a Marriott Autograph Collection hotel. In 2014, Pebblebrook Hotel Trust bought Union Station Hotel for $52.3 million and hired Gobbell Hays Partners, Inc., to design renovations that ultimately cost $15.5 million. Sage Hospitality operates the hotel for Pebblebrook. Historical landmark Along with the adjoining trainshed, Union Station became a National Historic Landmark in 1976. However, its historical landmark status was withdrawn in 2003 due to the fire damage to the trainshed that occurred in 1996 and ultimately led to