Hasn't it always been a mess? I stayed there about 10 years ago and did a behind the scenes tour. Even then, I was told they spent $25m per year just on standard maintenance and upgrades and that the cost of a full upgrade was prohibitive. That said, the room I had then - 2 rooms merged into 1 - was pleasant. The Towers is even worse, we stayed there about 5 years ago when my GF insisted, even though I knew what to expect. Peeling wallpaper etc. That said, on a $ per square foot basis, the Towers suites offered decent value.
It was interesting to see that InterCon recently had to pull the sale of The Barclay next door because, again, no-one wanted to step up and face the costs of a very necessary full renovation.
Edit - this article sums up my view perfectly!
http://www.hotelchatter.com/story/20...ing_a_Makeover