NEW YORK - After almost 100 years in business, the historic Roosevelt Hotel in Midtown Manhattan is set to become another casualty of the coronavirus pandemic.
The iconic hotel, which has been in operation since 1924, will close down for good on October 31.
“Due to the current economic impacts, after almost 100 years of welcoming guests to The Grand Dame of New York, The Roosevelt Hotel is regretfully closing its doors permanently as of Oct. 31, 2020,” the hotel said in a statement.
The hotel has nearly 500 employees, many of whom were furloughed in March.
The coronavirus pandemic has left the hotel industry in New York City reeling, with the Hilton in Times Square, two Courtyard Marriott Hotels in Manhattan, and the Omni Berkshire Place in Midtown have all having announced plans to close for good.
“There were 55,000 employees in the hotel industry in New York City and close to 85% were laid off,” Vijay Dandapani, President and CEO of the Hotel Association of NYC says.
This comes as Broadway extends its closure through May and some of the city’s most cherished holiday traditions, like the Times Square ball drop, go virtual.
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Dandapani says the pandemic could pose a long-term threat to tourism, which many consider to be the backbone of New York City.
“The ‘knock-on’ effect, meaning people stay there, they spend on restaurants, they spend on shopping, museums and theaters. It’s just enormous, in terms of, it’s an exponential loss to the city,” he adds.
Last year, New York City made $11B in room revenue, alone.
This year, however, experts like Dandapani estimate that number to be less than $2B and he says it could take up to five years for the city’s hotel industry to finally get back to normal.