The Real Deal New York: New York City hotels put strain on $3.1B in CMBS loans
More bad news for New York City’s hotels — and the loans they’re propping up — is on the horizon.
Financial Times: New York’s hotel crisis puts pressure on $4bn mortgage bond sector
New York’s hotel industry is in crisis, with four out of five properties underpinning commercial mortgage bonds now showing strain under the weight of coronavirus and investors worrying whether hoteliers will be able to make good on their loans.
Industry Leaders: New York Hotels Facing Foreclosures as Business Still In Doldrums
New York hotels are facing an immediate crisis with a wave of foreclosures due to COVID-19. The year-over-year revenue per available room, a metric used to gauge hotel occupancy health, has decreased 50% in 2020.
The Star: Hotels in New York are surviving, but barely
John Farrell and his wife booked a US$1,000 (RM4,140) room in the morning and were in New York hours later for their one-night stay. The couple is part of a new local and last-minute clientele keeping the lights on at the city’s most luxurious hotels now that the coronavirus has chased off the international jet set.
NYN Media: First Read Newsletter: NYC launches pilot to expand use of parent advocates in foster care
NYC launches pilot to expand use of parent advocates in foster care
Zero Hedge: NYC Hotel Occupancy Rate Crashes Toward 10% As Permanent Closures Loom
Prices at New York City hotels have plunged as the hospitality industry continues to try and grapple with the effects of the global pandemic.
Crain’s New York Business: Investors are looking for ways to repurpose now-empty hotels
Craig Deitelzweig made his mark in real estate by buying office buildings and making them look and feel like hotels. “Why shouldn’t you feel like you’re on vacation when you’re at work?” he asks. His redevelopment of the offices at 10 Grand Central is evocative of a chic, boutique hotel with a signature scent pumping through its ducts.
