Crowne Plaza Hotel in Times Square Files for Bankruptcy
The hotel closed in March 2020 due to the pandemic and just reopened in November 2022.
By: Stephi Wild Jan. 03, 2023
The owners of the recently reopened Crowne Plaza Hotel in Times Square filed for Chapter 11 bankruptcy protection last week, The Real Deal reports.
According to bankruptcy filings, the debt is $526 million on the building, which includes a 795-room hotel, 196,300 square feet of office space and 17,800 square feet of retail.
The hotel, which occupies floors 15 through 46, closed in March 2020 due to the pandemic and just reopened in November 2022.
In its bankruptcy filing, Andrew Penson's Argent Ventures said "the operating costs associated with servicing meeting spaces and providing food and beverage exceeded the revenues from such activities."
Office tenants at 1601 Broadway include the Association for Computing Machinery, American Management Association and Open Jar Studios.
Read the original story on The Real Deal.
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