The Best-Case Scenario for New York Post-COVID-19

June 2, 2020 – Media Mention
Commercial Observer

Herrick partner Yariv C. Ben-Ari spoke to the Commercial Observer about what The Best-Case Scenario for New York Post-COVID-19 looks like as of early June.

In speaking about tourism in New York City and the hotel sector, Yariv says, "The tipping point of everything will be the travel industry... That is what will trigger the airlines, restaurants, hospitality, the arts." He noted, historically, "hospitality is the quickest to get hurt, and the quickest to rebound." 

Additionally some asset owners are looking for ways to "rebrand and re-operate in ways that are a little different," Yariv said. Adding, "with hotels, it’s challenging to look at long-term restructuring because it’s contingent on tourism, what happens with opening borders, and inbound tourism."

The article also says, that Yariv discussed how "we can expect to see shifts in the market that might make for some surprising winners. Airbnb could benefit if hotels remain unattractive, as travelers prefer to book a full apartment, just like coworking companies could benefit if offices need to be more flexible and networked to meet employees where they already are."