By 1994, the PSFS Building was looking frayed and much of Meritor's furniture and equipment was sold off at auction by the FDIC in 1993. That same year, the Pennsylvania Convention Center opened one block away from the PSFS Building and numerous new hotels were appearing around the city. Originally thinking of turning the PSFS Building into apartments, developer Carl Dranoff decided a hotel would be best after noticing a Marriott being built across the street. Dranoff hired Bower Lewis Thrower Architects who created a plan, which he took to commercial developer Ronald Rubin of the Rubin Organization. Rubin took over the project and hired Dranoff to oversee it. Rubin first approached Hyatt and after negotiations that lasted a year Hyatt decided to build an entirely new property at Penn's Landing instead. Rubin then approached the Loews Hotels chain.