It looks like Vancouver's Waldorf Hotel may not be demolished.

The Solterra Group -- a condo developer -- has purchased the building.
 
In a statment, CEP Gerry Nichele says his company has "an open mind about the future of this site" and is studying all the options.
 
He says at this point, they have no intention of tearing down the hotel -- adding they want to work with the city to explore possible ways of retaining and improving it.
 
For about the last two-and-a-half years, the Waldorf has been a place for live music and other arts events, with a Tiki bar, and two nightclub areas.