Times Square Crowne Plaza Building Goes Bankrupt, Eyes Sale

Corporate entities that own and operate a Times Square building and an attached Crowne Plaza hotel filed for bankruptcy in New York on Wednesday.

• The bankrupt entities have secured debt in excess of $520 million, per court papers
  • Assets estimated between $100 million and $500 million
• The building — located at 1605 Broadway — has struggled for years under an onerous licensing deal with InterContinental Hotels Group Resources Inc., and the Covid-19 forced the hotel to close until November of this year, per court papers
• Building also comprises retail, office and exterior signage space
  • “Portions of the Debtors’ Signage Component ...