As it turns out, the Townsend Hotel sign will remain after all. . . sort of.
Actually, it's being repainted. The bricks of the building have recently been treated with something, so they look nearly new. The sign will stay, but apparently it will be repainted too.
I'm not sure what to make of that. I like the idea of keeping the sign, but repainting it seems odd. Not as bad as removing it, but not as good as just leaving it alone.