The Park Lane was threatened with demolition in 1969, after a planned renovation fell through. Most of its furnishings were sold, and an American-Statesman article declared, "Park Lane Hotel's Fate 'Sealed'." The hotel was saved from the wrecking ball at almost the last minute, however, when a non-profit organization called the Park Lane Hotel Corporation raised $900,000. The hotel re-opened in 1972 and has remained successful since.

The most recent renovation began in 1996 and reached a symbolic conclusion on December 31, 1999 with a grand reopening millennium celebration, though renovation efforts of individual areas have continued since then.