The owner of the Century Plaza hotel has struck an agreement with preservationists that will spare the Los Angeles landmark property from demolition. The preservationists had protested owner Michael Rosenfeld's plan to raze the stylish hotel and build two 50-story towers in its place. But the agreement calls for a "sensitive rehabilitation" of the hotel, preservation of 400 rooms and conversion of the top floors to 45 condominiums. The developer also plans other buildings on the site.

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