In the 1980s , the Philadelphia Savings Fund Society began expanding into other financial services , but lost millions in its new business ventures . In 1992 , the bank and its building were seized by the Federal Deposit Insurance Corporation ( FDIC ) . That same year , the skyscraper was 85 percent vacant , with most business attracted to the larger , more modern office space built in the city in the 1980s . The FDIC auctioned the building off , and it was bought by developers to turn into a Loews Hotel . The Pennsylvania Convention Center opened in 1993 a block away from the skyscraper , and the city was promoting the creation of enough hotel space to host a political convention in 2000 . Conversion into a hotel began in 1998 , and the Loews Philadelphia Hotel opened in April 2000 , in time for the 2000 Republican National Convention
2000 Republican National Convention
2000 Republican National Convention
PSFS Building