New York City is starting to end its lockdown, but as many as 25,000 of the city’s hotel rooms—or 20%—might not reopen
The pandemic that hit New York’s hotel industry harder than any other U.S. lodging market is expected to leave thousands of rooms there closed permanently, as the city starts to reopen after months of lockdown.
New York hotels went into the coronavirus crisis suffering from falling occupancy and room rates, mostly because of a glut of new development. Now travel restrictions and a tattered economy brought about by Covid-19, the disease caused by the new virus, have aggravated an already-bad situation.
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