Hilton Times Square Closing Permanently
By Chava Gourarie September 2, 2020 2:25 pm
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A Times Square icon is closing its doors permanently.
The 44-story Hilton Times Square in the heart of Manhattan is closing in October, according to a notice filed with the State of New York.
The 478-room hotel, located at 234 West 42nd Street, has been closed since the pandemic-induced shutdowns began in March, and will close permanently by Oct. 14, according to a WARN Act Notice filed by the hotel’s owners, Sunstone Hotel Investors.
The closure will affect 200 workers and is due to “unforeseeable business circumstances prompted by COVID-19,” per the notice, which is required of larger U.S. employers closing locations or laying off lots of workers . The hotel had furloughed 152 workers in May, Commercial Observer reported at the time.
Sunstone said in its second quarter earnings report that it had suspended operations at the Times Square location on June 30, with no scheduled resumption date.
In May, the company reported that it had written down the value of the Hilton to $61 million, less than the $77 million mortgage on the property, according to its first quarter earnings report. Sunstone has not made payments on the mortgage, which comes due in November, since April, and is exploring options with the lender, according to its second quarter financial filing.
Sunstone and Hilton did not immediately respond to requests for comment. Management of the Hilton Times Square declined to comment.
