The early rush of Covid-19 cases and travel bans for international tourists inspired some in the hospitality sector to forecast the death of the hotel industry.
And although the majority of the city’s hotels have reopened after the lockdown, several are still in distress and battling with lenders over missed mortgage payments, including Gaw Capital Partners’ Standard High Line and the Hakimian Organization’s Andaz Wall Street, but continue to operate.
Some hotels did not make it to the other side. But savvy investors saw their demise as opportunities to transform them for other uses, such as into apartments, offices and even housing for the homeless.
These former
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