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New York City hotels plead for financial help
The New York City hotel industry is urging Mayor Bill de Blasio to give them a financial lifeline to survive the pandemic ‘nightmare.’
The Hotel Association of New York City revealed 200 out of 700 hotels have closed, and it is asking for a halt on interest payments on real estate tax debt until the market recovers.
"New York’s hotels are in serious trouble. Two hundred hotels closed either temporarily or permanently, and thousands of jobs have been lost," said Hotel Association President and CEO Vijay Dandapani.
Hotel closures include landmark properties like the Roosevelt Hotel in Midtown.
"Thousands of people count on our industry jobs to take care of their families and the pandemic has devastated livelihoods," said Rebecca Hubbard, General Manager of Lotte New York Palace.
According to Manhattan Borough President Gale Brewer, average occupancy is below 40% and revenues have sunk 80%.
"I don’t need to tell anyone that the last 10 months have been a nightmare, particularly for the hotel industry" Brewer said.
Brewer has proposed turning empty hotels into permanent affordable city housing.
The Hotel Association wants NYC and New York State to grant the interest rate abatement until vaccinations reach a level that will allow mass tourism and business travel to resume.
Written by Ray Montgomery, US Editor
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TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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