sentences:  It is now a budget hotel, but is ideally located for tourists, near the Empire State Building and convenient to Penn Station and Grand Central.The building is also home to Latham Properties, a full-service real estate firm in existence since 1979 that was active in purchasing hotels in Manhattan and South Beach in the mid 1980s and early 1990s.It still owns and manages a broad portfolio of properties in the New York and Miami metro areas.