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.