Over the years the hotel was a hot spot for celebrities and heads of state. The new owners want to demolish the hotel and build a multi-billion dollar high rise complex in its place.
Earlier this year the National Trust for Historic Preservation placed the hotel on America's 11 Most Endangered Historic Places List.
The owners of the property say they're disappointed by the city council effort. They say preservationists are trying to politicize the process. They say giving the hotel "historic status" is not supported by the facts.
They also say they want to build a monument to the future, not the past.
City News Service contributed to this report.