1997, developer Rubin, hotelier Jonathan Tisch, and Philadelphia mayor Ed Rendell announced in the PSFS boardroom that the PSFS Building would be converted into a Loews Hotel. Over the next year, the conversion of the building into a hotel was delayed while Loews negotiated with the Rubin Organization to buy out its interest in the building. An agreement was formally reached in June 1998, and work began on the building shortly thereafter. After a year-long delay on starting the renovations, there were concerns more delays would occur if the building's conversion turned out to be more difficult than first thought. The concern stemmed from the city's attempt to attract a political convention to the city in 2000. A key part of attracting a political convention was the number of available hotel rooms in the host city, and completion of the PSFS Building on time was an important factor. To be an effective convention hotel, the building required an extra for a ballroom and meeting spaces, without which the hotel conversion would not have taken place. Land was acquired along 12th Street and an addition was built. The decision to use the banking hall for functions instead of serving as the hotel's lobby was financially driven by allowing the hotel to rent out the large hall for events. In the banking hall, the teller counter was removed despite being a "character defining" feature. The metal and glass wall that separates the mezzanines and the hall was required by safety code. The staircase that connects the mezzanine floors had been enclosed by a modern wall, but the wall was removed in the restoration. The 33rd-floor rooms, including the boardroom, were restored, and much of the original furniture was acquired by Loews. There were few distinct features of the building on the first floor so the developers used the area for the hotel lobby. Among other changes to the first floor was creating access to the lobby from the Market Street entrance. The Loews Philadelphia Hotel opened in April 2000 with renovation costs totaling US$115 million. The year before completion, the Republican Party had decided to hold their 2000 National Convention in Philadelphia despite the earlier concerns of hotel space. The Florida delegation would stay at the Loews Philadelphia during the event. Architecture The PSFS Building was built for the Philadelphia Saving Fund Society under direction of bank President James M. Wilcox. Wilcox's