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Pandemic Puts N.Y.C. Hotels on the Brink : a wave of permanent closures has begun.


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https://www.nytimes.com/2020/09/21/nyregion/nyc-hotels-closing.html

Many of New York City’s biggest hotels closed their doors in March when the coronavirus wiped out tourism and business travel. The shutdowns were supposed to be temporary, but six months later, with no potential influx of visitors in sight, a wave of permanent closures has begun.

Sinking under the weight of overdue mortgage payments and property taxes, some hotels have already shut down for good, and many others are struggling to survive.

In the last two weeks, the 478-room Hilton Times Square and two Courtyard by Marriott hotels in Manhattan said they would not reopen, joining several others that had already closed for good, including the 399-room Omni Berkshire Place in Midtown.

All told, more than 25,000 hotel employees have been out of work for more than six months, making the industry one of the hardest-hit in the city and emblematic of the challenges New York faces as it tries to recover from the economic crisis set off by the coronavirus outbreak.

Vijay Dandapani, the president of the Hotel Association of New York City, which represents 300 of the city’s hotels, was equally glum about the industry’s prospects.

“The year’s a washout,” he said in an interview. “It’s a complete washout.”

Mr. Dandapani said in late summer as few as seven percent of the roughly 120,000 hotel rooms in the city were filled with traditional guests. The overall occupancy rate for the city’s hotels was close to 40 percent, down from more than 80 percent a year before, according to STR, which tracks the hotel industry.

When virtually all business and leisure travel screeched to a halt in March, hotels quickly laid off their workers and shut their doors. More than 30,000 unionized hotel workers were sent home

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Not only NYC but happening in all sorts of cities and capital cities around the world.......people are not traveling within a country or tourists visiting from other countries, when many reasons to visit are no longer open, theatres, clubs, pubs or closing early, shops, restaurants and streets very quiet, workers staying at home, no work dos........I would say beach and country hotels/accommodation are doing better than city hotels, outdoor activities and fresh air safer.....can take a picnic.;)

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Not only NYC but happening in all sorts of cities and capital cities around the world.......people are not traveling within a country or tourists visiting from other countries, when many reasons to visit are no longer open, theatres, clubs, pubs or closing early, shops, restaurants and streets very quiet, workers staying at home, no work dos........I would say beach and country hotels/accommodation are doing better than city hotels, outdoor activities and fresh air safer.....can take a picnic.;)

They will hate to down rate many more companies, the leisure economy is over for a number of years.

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  • 429 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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