According to Bloomberg and The Real Deal, the owners of the Crowne Plaza Hotel in Times Square have filed for bankruptcy.
Is this the first major piece of commercial real estate to fall in the wake of the "work from home" revolution due to covid?
In an effort to revive the struggling and lawsuit-riddled company, the corporate owners of the recently renovated Crowne Plaza Hotel in Times Square filed for Chapter 11 bankruptcy protection on Wednesday, according to Bloomberg and TheRealDeal. • According to court documents, the owners, who are ultimately owned by affiliates of Vornado Realty Trust, will attempt to sell themselves out of bankruptcy or repay creditors with reorganised equity (The case is Times Square JV LLC, 22-11715,U.S. Bankruptcy Court for the Southern District of New York).
A complex ownership structure and a "burdensome" licencing agreement with InterContinental Hotels Group have plagued the building at 1601 Broadway for years. Additionally, Covid-19 c...