Part 3/12:
Industry experts point to waning visitor numbers and mounting safety concerns as primary drivers of these financial woes. The hotel, once a hub for NBA All-Star Weekend visitors, has seen bookings decline sharply post-pandemic, largely due to rising crime, homelessness, and the city’s deteriorating reputation. As a result, the property is now expected to be handed over to a receiver who will manage it until a potential buyer emerges—though prospects of a quick turnaround remain slim.