PIA's Roosevelt Hotel in New York to shut down due to weak economy

[JacksinPA]

ISLAMABAD (Reuters) - The Roosevelt Hotel in New York's Manhattan owned by Pakistan International Airlines (PIA) PIAa.KA announced that it will shut down for good by the end of this month.

“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 on its website.

A PIA official also confirmed the decision on Friday.
===================================================
NYC is rapidly becoming a ghost town, hotels closing & people moving away.

 

[Rexedgar]

Maybe Trump will scoop it up.

 

[Fletch]

Shut down madness.

 

[JacksinPA]

It's closing because no one is staying there & they have an enormous overhead to keep it open.

 

[AliHajiSheik]

I've stayed in this hotel and while the common areas are those of a very nice old hotel, it is still an old hotel. Being woken up by trash men at 5:30am when on the 18th floor is not a fond memory. The rooms just aren't up to a quality standard--particularly not at NYC prices.

 

[JacksinPA]

I'm waiting for them to close the Hotel Pennsylvania across the avenue from Madison Square Garden. Old hotel, bad rep.

 

[Chomsky]

It's not a good time to own income property in large cities ...

 

[Rexedgar]

It's not a good time to own income property in large cities ...

Seems to me that landlord is not a good title to have these days......wherever located.

 

[Chomsky]

Seems to me that landlord is not a good title to have these days......wherever located.

Yeah, but if your sitting on a single-residence in the suburbs of one of the large cities, you're just watching your equity go up, up, up! Hell, the rental values are flying off the hook! I mean flying! And two percent re-fi's? Wow! It's a great time to be a suburban homeowner.

 

[JacksinPA]

Yeah, but if your sitting on a single-residence in the suburbs of one of the large cities, you're just watching your equity go up, up, up! Hell, the rental values are flying off the hook! I mean flying! And two percent re-fi's? Wow! It's a great time to be a suburban homeowner.

All the houses on my street were built i the early 70s. I watched the exact same house as mne sell for a high price which equates to home appreciation of 5%/year. I've lived here over 6 years, so that's 30% + the money we invested in the generator, widening the driveway,etc. Home ownership is a great investment.

 

[Bassman]

ISLAMABAD (Reuters) - The Roosevelt Hotel in New York's Manhattan owned by Pakistan International Airlines (PIA) PIAa.KA announced that it will shut down for good by the end of this month.

“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 on its website.

A PIA official also confirmed the decision on Friday.
===================================================
NYC is rapidly becoming a ghost town, hotels closing & people moving away.

Good! Let that shithole die a horrible death.

 

[Drawdown]

ISLAMABAD (Reuters) - The Roosevelt Hotel in New York's Manhattan owned by Pakistan International Airlines (PIA) PIAa.KA announced that it will shut down for good by the end of this month.

“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 on its website.

A PIA official also confirmed the decision on Friday.
===================================================
NYC is rapidly becoming a ghost town, hotels closing & people moving away.

Hope Trump, Inc. gets it at a good price at the fire sale.

 

[Chomsky]

All the houses on my street were built i the early 70s. I watched the exact same house as mne sell for a high price which equates to home appreciation of 5%/year. I've lived here over 6 years, so that's 30% + the money we invested in the generator, widening the driveway,etc. Home ownership is a great investment.

In my neighborhood, houses have gone up about 15% in sale value this year alone, and a whopping 20% in rental value! The rental values of single-residence houses outside the city are flying off the hook! No one wants to live in a city apartment building, any more. They want a free-standing house in the 'burbs, with some space between them & their neighbors.

 

[Bassman]

In my neighborhood, houses have gone up about 15% in sale value this year alone, and a whopping 20% in rental value! The rental values of single-residence houses outside the city are flying off the hook! No one wants to live in a city apartment building, any more. They want a free-standing house in the 'burbs, with some space between them & their neighbors.

Who can blame em'? Being crowded together like that is something I would not want either.

 

[Chomsky]

Who can blame em'? Being crowded together like that is something I would not want either.

Yeah, but for some, especially when you're young & single, it is a helluva' fun lifestyle.

I lived that lifestyle for much of my life. I loved every minute of it! Social opportunities abound, on virtually every corner. Food, drink, and entertainment, available anytime of the day or night.

But now, Covid changed everything.

 

[PirateMk1]

All the houses on my street were built i the early 70s. I watched the exact same house as mne sell for a high price which equates to home appreciation of 5%/year. I've lived here over 6 years, so that's 30% + the money we invested in the generator, widening the driveway,etc. Home ownership is a great investment.

It is till it isnt. Just like any other investment you can lose money, the landlords and real estate investors in New York City are finding that out. They never used to budge on what they wanted for rent in the last decade or so. They are starting to budge and some are starting to budge a lot. You make you money when you buy.

 

[PirateMk1]

In my neighborhood, houses have gone up about 15% in sale value this year alone, and a whopping 20% in rental value! The rental values of single-residence houses outside the city are flying off the hook! No one wants to live in a city apartment building, any more. They want a free-standing house in the 'burbs, with some space between them & their neighbors.

That will be the case right up till the rent in the cities is the much better deal. Ebb and flow of the market.

 

[Chomsky]

That will be the case right up till the rent in the cities is the much better deal. Ebb and flow of the market.

Nope. It's not a matter of price. It's a matter of safety. Many of us feel it's just to hazardous to do big-city high-rise living, like we used to. But yes, I suppose that will change as the virus recedes. But it might take longer than that, because everyone remembers the hell they went through.

 

[eohrnberger]

ISLAMABAD (Reuters) - The Roosevelt Hotel in New York's Manhattan owned by Pakistan International Airlines (PIA) PIAa.KA announced that it will shut down for good by the end of this month.

“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 on its website.

A PIA official also confirmed the decision on Friday.
===================================================
NYC is rapidly becoming a ghost town, hotels closing & people moving away.

Thanks In large part to De Bozo's socialist ideology driving his public polices and actions. Hope whoever's left in NYC appreciates all that.

 

[Redwing]