Hotels face mass closures due to COVID-19


The Luxe Rodeo Drive is the first high-end hotel in the Los Angeles area to go out of business because of the pandemic, and industry experts point to an unusually high loan delinquency rate among hotel borrowers as a sign that more closures are likely to follow.



According to the Los Angeles Times, the drastic decline of tourism and travel has "devastated" the hotel industry. "High-end hotels have also closed in other parts of the country, including the 44-story Hilton Times Square hotel in New York City, which went out of business this month," writes Los Angeles Times' Hugo Martín.

Sean Joyner via Archinect - News https://bit.ly/3cnNRQ8

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