On April 11, 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.