According to Wikipedia, Luneta Hotel was completed in 1918. A study done by Dean Joseph Farnandez of the University of Santo Thomas revealed that the hotel was designed by the Spanish architect-engineer Salvador Farre. The six-storey hotel is the only remaining example of the French Renaissance architecture with Filipino stylized beaux arts in the Philippines to date. The burnt out building survived the Second World War but never recuperated from its war wounds. The Luneta has been renovated in 1972 but the hotel has continuously deteriorated since then.
In a 1998 article "Restoration, not demolition, says Luneta Hotel’s new owner", Inquirer columnist and HCS founding member Bambi Harper described the “whimsical gargoyles in the form of lions, crocodiles, griffins and other mythical creatures that serve as decorative supports of (the hotel’s) balconies.” She also talked about the “delicate filigreed railings (on the balconies) that add a touch of lightness to the solid concrete facade.”
Wouldn't these be good reasons for the hotel to be restored? By the way the Luneta Hotel (like the Museo Pambata) was declared a National Historical Landmark by the National Historical Institute.)
SOURCES:
Texts: Wikipedia entry of Architecture of the Philippines - American Architecture
Article Luneta Hotel and the Beautiful Era
Philippine Daily Inquirer Article Restoration, not demolition, says Luneta Hotel’s new owner
Images: Old Luneta Hotel from Luneta Hotel: Through the test of time
Luneta Hotel Now from TrekEarth Gallery
Texts: Wikipedia entry of Architecture of the Philippines - American Architecture
Article Luneta Hotel and the Beautiful Era
Philippine Daily Inquirer Article Restoration, not demolition, says Luneta Hotel’s new owner
Images: Old Luneta Hotel from Luneta Hotel: Through the test of time
Luneta Hotel Now from TrekEarth Gallery