US: Famous New York City property The Roosevelt Hotel has announced that it will be closing this year.
A key fixture of the city’s skyline, hotel owners made the decision to close the property due to falling revenues caused by COVID-19.
The statement from the hotel on the closure read: “Due to the current, unprecedented environment and the continued uncertain impact from COVID-19, the owners of The Roosevelt Hotel have made the difficult decision to close the hotel and the associates were notified this week. The iconic hotel, along with most of New York City, has experienced very low demand and as a result, the hotel will cease operations before the end of the year.
“There are currently no plans for the building beyond the scheduled closing.”
The Roosevelt Hotel was first opened in 1924 and has been a host to historic events, such as the 1948 presidential election. It has also been a common backdrop for many films, including Malcolm X and Wallstreet, with the property most recently seen in The Irishman.
US hospitality has been hit hard by the pandemic, with the industry losing 7.5 million jobs in April, with slow recovery. Furthermore, 74 per cent of hoteliers are worried about additional layoffs, according to the American Hotel and Lodging Association.
While the UK market has seen similar issues with revenues, it has been able to bounce back slightly better. Much of this is due to the rise of staycations, according to data from STR.