01/15/2013 14:06 EST | Updated 03/17/2013 05:12 EDT

Waldorf Hotel gets 120-day protection order from Vancouver

Vancouver city council has granted a 120-day protection order for the Waldorf Hotel to give city staff time to do a heritage assessment.

The company running the popular arts venue, Waldorf Productions, is set to shut down operations this weekend after the East Vancouver building was sold to condo developer Solterra.

The new owners of the landmark property say they have no intention of tearing it down, but without the protection order the city could not deny a demolition permit if one was requested.