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The case for urban, big box hotel investment – HOTELSMag com
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By Chauncey Alcorn, CNN Business
New York City tourism and real estate officials are hoping Thursday night s New Year s Eve celebration will mark a turning point for Times Square, the Manhattan neighborhood that has become a symbol of sorts for the economic ills of the Covid-19 economy.
Commerce among the more than 1,500 businesses in the tourist destination and business district centrally located between major public transportation hubs has been decimated by the pandemic. However, business leaders still expect the area to make a full economic recovery once Covid-19 vaccines become widely distributed.
Times Square Alliance President Tim Tompkins says his nonprofit, which hosts events and promotes economic development in the neighborhood, considered canceling its New Year s Eve ball drop ceremony this year in the face of surging Covid-19 cases, but ultimately decided it was important to continue the tradition, even if it s closed to the public.