key Take Away

Ian Schrager's decadent hotel in New York's Times Square is closing just over one year after it opened due to financial issues caused by the pandemic

The news comes as the drops in business during the pandemic resulted in a cash shortfall that put the hotel's developer Maefield Development in default of its contract with Marriott International

The Times Square Edition had been temporarily closed since late March when New York governor Andrew Cuomo placed the entire state on "pause" and ordered all non-essential businesses to shut

For more information

www.dezeen.com/2020/05/21/ian-schrager-the-times-square-edition-hotel-close-permanently/?