According to a 2017 story from the Times, through an agreement between Mr. Witkoff and the Justice Department, the hotel is to be sold off and the proceeds divided between Mubadala and Mr. Witkoff’s group of investors. The sellers hope the bids will exceed $1 billion and the government will take Mr. Low’s share. More recent reports indicate that Mubadala and other investors will buy the building.So it seems that for the near term, the Park Lane Hotel will continue operation as a hotel. Despite the outdated decor routinely noted in customer reviews, its 628 rooms are often sold out likely due to its stellar location opposite Central Park and near Fifth Avenue. Post-Christmas availabilities show that rooms can be had for as low as $130/night