Run away from the saw and at the top of the wall you will see a familiar sight. The neon H from the HOTEL sign earlier in the game, but this time it is on its side and as before, lights on means do not touch. When the neon light comes on, wait 1 second then jump off the top of the vertical platform and hit the gravity switch here to return things to normal. Jump across to the safe spot in the middle of the H. When it is safe to do so, run and jump off the right hand side of the H to a pipe below.
Turn back towards the sideways 'H' and when it is safe jump down to the middle of the 'H' and then do a quick 180 and jump to the rope below. Drop down onto the O and continue to the right.