As reported by Bloomberg, the 452-room EDITION Times Square, which only opened in February 2019, will be closing permanently in August 2020. If I were a New York real estate developer, I would worry a lot about my investments there, even if I had a day job with the federal government and changed my residence to Florida. The 478-room hotel, located at 234 West 42nd Street, has been closed since the pandemic-induced shutdowns began in March, and will close permanently by Oct. 14, according to a WARN Act Notice filed by the hotel’s owners, Sunstone Hotel Investors. (I’m sure there are exceptions, being NYC and all… but those are the experiences with buildings I am familiar with). @Creditian Most folks in section 8 housing work hard doing an actual job or are looking for work right now. 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I can understand that they are not as locally differentiated as a St. Regis or Ritz Carlton, but doing just a couple from each brand would provide a good representation of the hotels that most of us stay in. Please view our advertising policy page for additional details about our partners. But they could also do a 1-2 year redesign of spaces and enlarge rooms to make apartments or condos, even offices. Unfortunately for this project, there were already major issues before the pandemic changed the travel landscape in the US. Earn 75,000 Membership Rewards® points | Terms Apply. The property opened last year. @Sam – As someone who stays in the Hampton Inn/Embassy Suites class of hotels while travelling for work, there’s so much variety from location to location that I don’t know if covering a few of them will give a reasonable idea of what they’re like. Being in the construction industry for four decades in various forms there were simply too many properties built in the last ten years like the airlines too many seats/beds that could not be sustained in a down turn, which aside from the virus disruption was going to happen. Hilton Times Square is closing as tourism dries up. Thread Tools Search this Thread Oct 14, 19, 4:33 pm #31 Dsm1012 . Limited Time Offer: Earn 100,000 Marriott Bonvoy points | Terms Apply. #finnair, View of the Bogota from the mountain top. Join our LinkedIn group and hear the latest news, advice and get exclusive updates Marriott Lays Off Hundreds of Workers at Times Square Hotel Company tells 850 employees to prepare for March 12 end date, as Covid-19 pummels New York’s hotel industry The hotel has now provided notice to employees, government officials, and unions, that they expect to cease operations around August 13, 2020. While I hate seeing good people lose their jobs, it serves these management firms and their decision makers. I also find that if they don’t show a photograph of the bathroom, you can brace yourself for at best a mediocre bathroom and at worst, a terrible one. And yes you will see more many more. The 452-room Times Square Edition was facing a foreclosure action by creditors when the pandemic hit. Aside from the fact that high end hotel nights will decline so will the lower end which like the discount carriers too many. Please view our advertising policy page for additional details about our partners. There is a new Ritz opening in NOMAD next year Lucky!! The five-star Times Square Edition is NYC’s first hotel closing permanently due to coronavirus. Anderson Cooper and Andy Cohen return for CNN's New Year's Eve broadcast. Times Square Edition was a welcome addition to the luxury hotel scene in New York City, and it’s closure feels too soon for a hotel that’s only been on since 2019 (one year). Many of these recent developments and deals were priced to perfection and financed by massive loans that will eventually go into default. Join our LinkedIn group and hear the latest news, advice and get exclusive updates READ MORE: Marriott Bonvoy Rate & Bonus Points And Miles Promotions. Closure of Hilton Times Square may be 'tip of the iceberg' of troubles facing New York hotels. He chronicles his adventures, along with industry news, here at One Mile at a Time. Download App. NEW YORK - The Times Square Edition Hotel is closing just over a year after it opened. Posts: 23 Agreed that the regular NYC Edition is very nice, been twice, had a two bathroom Park Suite upgrade one of the times and also enjoyed the standard room the other time. @tef0306. Squawk on the Street. The hotel offers four distinct dining experiences split over four floors with indoor and outdoor spaces and multiple dining options under one roof. Please check your email to confirm your subscription. The banks will then take over and decide what to do with the properties and with whom. There have been talks that the Edition will be getting an new owner, so there’s a chance that property may be saved. while im sure it can be redeveloped into condo’s/apartments, who in their right mind would want to live in times square! Studio 54 co-founder Ian Schrager says his Times Square Edition hotel was a major hit, even though it’s closing just a year after its ballyhooed opening. Hilton Times Square’s permanent closing and a foreclosure suit against Palmer House Hilton are the most recent evidence of the hotel industry’s pandemic pain. Bloomberg reported that the resort, operated by Marriott, is shuttering Aug. 13, and Marriott notified the property’s proprietor Maefield Improvement in March as a part of a foreclosures […] I would imagine a new owner and luxury brand taking it over as a hotel. Jun 15, 2020 11:27am Omni Berkshire Place, located near Rockefeller Center in Midtown Manhattan, will permanently close as a result of the COVID-19 (coronavirus) pandemic, Bloomberg reports. The city is gonna be under a major budget shortfall and the tax revenues aren’t gonna be there. In the case of the Times Square Edition, the pandemic exacerbated existing problems. I have stayed at EDITION Barcelona twice and Abu Dhabi once, and I have enjoyed both. The location sucked (although I say that as a local, not a tourist inexplicably drawn to times square), but that was kinda the point of putting it there…shame it didn’t pan out. ... Hilton Times Square is closing as tourism dries up. Stores closing in 2020: Up to 260. So I suppose getting free breakfast there as a top tier elite in the future is now a moot point? New York (CNN Business) McDonald's has closed its iconic restaurant on 42nd Street in New York City's Times Square. Editorial Disclosure: The editorial content on this page is not provided by any entity mentioned herein. Anderson Cooper and Andy Cohen return for CNN's New Year's Eve broadcast. i say this spending my time living in both London and NYC and keeping a residence on the upper east side. Will be very sad for the people that work there, some of those jobs will forever be lost. Or there’s the example of the St Pancras in London, which converted from hyper-luxury hotel to an office block … and then a century later back again to a hotel + apartments. There have been talks that the Edition will be getting an new owner, so there’s a chance that property may be saved. The hotel is part of a mixed-use property once appraised at $2.4 billion, according to a 2018 report from Moody’s Investors Service. For 116 years, Times Square has been the center of worldwide attention on New Year’s Eve, ever since the owners of One Times Square began in 1904 … The city currently is scheduled to remain on ‘pause’ until May 25. In December, a group of lenders led by Natixis SA sought to foreclose on the project, which includes the 452-room hotel, retail space and digital signage. This can’t be an actual thought that an intelligence person with a brain would have, because it’s just so laughable. Due to the coronavirus pandemic, crowds in Times Square will not. A change of ownership will take place and it will reopen as a different brand. Though, I have never seen so much cleaning at airports tha. I tend to find that the newer ones regardless of brand are good but man, if you get stuck with an old location that hasn’t been remodeled in ages…. It's Free! Your email address will not be published. Reminder: OMAAT comments are changing soon. New York's iconic Roosevelt Hotel has been in business for nearly 100 years, but is now closing its doors due to the impact of the coronavirus pandemic. The Times Square EDITION has partnered with Michelin-starred Chef John Fraser to helm all of the food and beverage outlets at the area’s first luxury hotel. Save my name, email, and website in this browser for the next time I comment. Several factors went into this decision including the … The Times Square Edition, a hotel that made headlines when it opened in Manhattan last year, will close permanently this summer. Well, that’s exactly what’s happening to one popular Marriott affiliated property in New York City this summer. The 452-room Times Square Edition at 701 Seventh Ave., a piece of Maefield's 20 Times Square property once valued at $2.4B, officially opened last year. They go through insanely rigorous background checks and interviews to live in those buildings. Also, Creditian, you are an absolute wanker. For example, there’s also talk about how the value of the Hilton Times Square has been written down to less than the $77 million mortgage on the property, which may cause the owners to simply default. COVID-19 has obviously had a terrible impact on the hotel industry, and there’s no doubt that a lot of hotels will be forced to close permanently because of this. Photo: Lev Radin/Zuma Press Was gonna just hop in here and bash Creditian like everyone else, but then I realized he must be a troll, right? As far as the EDITION Times Square goes, it’s sad to see a hotel close after just 18 months, but the hotel already had financial problems before this started. Abu Dhabi Starts Welcoming Tourists From December 24, 2020 (May Need... KLM & Netherlands Require All Passengers To Have Negative Covid-19... Middle Eastern Countries Are Imposing New Border Traffic Restrictions Amid Fears... Merry Christmas & Happy Holidays From The LoyaltyLobby Team! i came of age staying at the Sheraton Bal Harbour near Miami Beach. The lender of the mixed-used property of which the 452-key hotel is part of begun foreclosure procedures in December. I know you focus on aspirational flight and hotel products, but it would be awesome given the economy if you could do some reviews of “normal people” hotels when you resume travel, such as that Hilton you mentioned. A FlyerTalk Posting Legend. Marriott | Marriott Bonvoy - The Times Square EDITION - New York City (Closing Aug. 2020) - Agreed that the regular NYC Edition is very nice, been twice, had a two bathroom Park Suite upgrade one of the times and also enjoyed the standard room the other time. That’s especially true for hotels that were already having financial problems coming into this pandemic. Some may close while others may continue under their current brands and operations. The lender of the mixed-used property of which the 452-key hotel is part of begun foreclosure procedures in December. Already they are a high tax state and with biz moving to more virtual and when they do rehire at lower wages you can see the benefit to live in NYC is not very economical thus converting to condos or luxury hotel or even office space isn’t really gonna work unless it’s much more affordable housing which is what their gonna have to do if they intend to keep people in NYC. The Times Square EDITION will be ceasing operations effective August 13, 2020 and will be permanently closing. Studio 54 co-founder Ian Schrager says his Times Square Edition resort was a main hit, even though it’s closing simply a 12 months after its ballyhooed opening. Marriott gave notice in May that the Times Square Edition hotel, which went dark in March due to coronavirus, would be closing for good in the summer. In late May, The Times Square Edition, just a year after opening, announced it would be closing due to lost business from lockdowns and travel restrictions. A fixture of the Manhattan skyline, the hotel boasts elegant architecture and is minutes away from Times Square and Grand Central Terminal. Just a year after its much-anticipated opening, The Times Square Editionannounced it will close permanently on or around August 13 this year. The EDITION is part of a mixed-use building that was once appraised at $2.4 billion. Perfect stop for som, All lounge benefits in Europe vanished? As COVID-19 cases spike, Europe is once again taking serious measures to curb the virus' spread. The Times Square Edition was the most recent outpost of the Edition brand, joining other properties in London, Miami and Hawaii. Just as some airlines will go out of business as a result of the current pandemic, some hotels will go out of business as well. The Times Square Edition had been closed since late March when New York was placed in lockdown and all non-essential businesses were ordered to shut. The 452-room Times Square Edition was facing a foreclosure action by creditors when the pandemic hit. It’s like forcing section 8 into your property regardless your own will. Bed Bath & Beyonds are behemoths. As reported by Bloomberg, the 452-room EDITION Times Square, which only opened in February 2019, will be closing permanently in August 2020. Required fields are marked *. While we do try to list all the best miles and points deals, the site does not include all card companies or credit card offers available in the marketplace. I had dinner with friends at the London property, and it took three/four tries for the waiter to get our bill right (there were items belonging to some other party). New York (CNN Business) McDonald's has closed its iconic restaurant on 42nd Street in New York City's Times Square. The Times Square Edition had been closed since late March when New York was placed in lockdown and all non-essential businesses were ordered to shut. McDonald's Times Square, New York City You might think that if any company can afford rent in Times Square, it's McDonald's. And the drug dealers are part of the social fabric, doing business with organized crime that support the local real estate developers. You can access EDITION Times Square’s website here. Chase Targeted Spending Bonuses: Are You Eligible? US: The 452-room hotel located in New York’s Times Square is to permanently close on 13 August 2020 due to financial issues caused by the coronavirus crisis. Other permanent hotel closures in the city include the Maxwell New York, Omni Berkshire Place, Edition Times Square, and the New York Marriott East Side. MIDTOWN MANHATTAN, NY — In a high-profile pandemic casualty, the Hilton Times Square hotel revealed this week that it will close permanently in October amid a … Here’s an excerpt from Bloomberg (access their piece here): Marriott warned owner Maefield Development in March that a cash shortfall due to the outbreak could put the developer in default on its contract with the lodging giant, new documents in an ongoing foreclosure proceeding show. Advertiser Disclosure: Some links to credit cards and other products on this website will earn an affiliate commission. Eventually, buyers will emerge. This site is for entertainment purposes only. And they can’t offset development cost due to lower rents in a highly expansive city. Ian Schrager's decadent hotel in New York's Times Squareis closing just over one year after it opened due to financial issues caused by the pandemic. Want daily blog updates delivered straight to your inbox? Anybody doing such a project with opening this year takes a big loss. Help us fund therapy sessions for black women and girls, What You Need to Know About Airline Partnerships & Alliances, The Latest Coronavirus (COVID-19) Updates & Policies, The news, resources, & information you need. Sue Hatch | Sep 04, 2020 News of the hotel industry’s Covid-related challenges has been rolling in almost as long as the pandemic itself. Notify me of follow-up comments by email. He travels about 400,000 miles a year, primarily using miles and points to enhance his first class experiences. Location: Chicago. , All they had to do was raise the destination fee to 300 dollars a day then add the Covid 19 $100 dollars a day new surcharge and deep cleaning & disinfecting daily fee and they would have been fine. 20 Times Square, aka 701 Seventh Avenue, is almost complete.The tower already has one of the largest LED screens in Times Square, spanning a whopping 18,000 square feet. Other permanent hotel closures in the city include the Maxwell New York, Omni Berkshire Place, Edition Times Square, and the New York Marriott East Side. There will be several. 701West . This won’t be the last reflag or hotel that won’t open after its operations were suspended due to the Covid-19 pandemic. Sadly, those making bad decisions usually have moved on and are not there at the downfall. Not too many people actually want to live in/around Times Sqaure. The 478-room hotel, located at 234 West 42nd Street, has been closed since the pandemic-induced shutdowns began in March, and will close permanently by Oct. 14, according to a WARN Act Notice filed by the hotel’s owners, Sunstone Hotel Investors. Would love to see every Marriott property that doesn’t participate in Bonv*y fully exit the company, @UA-NYC Completely agree. Note: Please see my Advertiser Disclosure. Due to the coronavirus pandemic, crowds in Times Square will not. You can access EDITION Times Square’s website here. A spokesperson from Marriott International confirmed that … The city currently is scheduled to remain on ‘pause’ until May 25. Outside of banner ads published through the Boarding Area network, this compensation does not impact how and where products appear on this site. Studio 54 co-founder Ian Schrager says his Times Square Edition hotel was a major hit, even though it’s closing just a year after its ballyhooed opening. And we need those illegal immigrants; they work in construction so we can have those buildings. It is interesting to see if this EDITION Times Square will reemerge under different brand on August 14, 2020, or if it will close its doors. Bloomberg reported that the hotel, operated by Marriott, is shuttering Aug. 13, and Marriott notified the property’s owner Maefield Development in March as part of a foreclosure proceeding. As COVID-19 cases spike, Europe is once again taking serious measures to curb the virus’ spread. 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