"One-Third Of NYC Hotels Could Go Bankrupt" Due To COVID-19, Riots, Starwood Owner Warns
June 26, 2020 at 00:09 AM EDT
Starwood Capital Group founder, Barry Sternlicht claimed that NYC buildings will lose 40% of their value, a third of hotelsy will go bankrupt, and residential rents will plummet as the wave of gentrification that priced out many minorities.