New York Hotels Face Bankruptcy, Closures on Virus Travel Fears
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The rapidly escalating restrictions on travel and social gatherings will make it hard for New York City hotel owners to keep creditors at bay, the head of a local trade group said.
Revenue per available room, a metric known as RevPar that combines occupancy and pricing, is down as much as 70% at some hotels, according to Vijay Dandapani, chief executive officer at the Hotel Association of New York City.