Operator of New York’s Martinique Hotel Files for Bankruptcy

The operator of the boutique Manhattan hotel, Martinique New York on Broadway, filed for bankruptcy blaming the Covid-19 pandemic, which has robbed it of customers.

• Herald Hotel Associates LP said a recent arbitration ruling may force the company to pay about $3.5 million in severance costs to employees who were furloughed at the start of the pandemic
• The hotel, which has 531 rooms and was founded in 1899, had an occupancy rate of 35% in August, down from 93% in the same month last year, according to court records
• Before the covid-related closure, the company employed 176 people; in March ...