US: BridgeStreet is closing properties it operates under its own brand in the US due to the impact of the Coronavirus.
BridgeStreet CEO Kamal Advani told Serviced Apartment News: “In light of the unprecedented impact of COVID-19 on the travel industry, we have curtailed the operation of US-based BridgeStreet branded and operated properties where we carry the occupancy risk (At Risk Properties) and expect to ultimately cease these operations. Employees who operate our US based At Risk Properties and certain associated overhead functions have been affected. We are continuing to book clients into properties operated and managed by our suppliers. We are also continuing to operate client-dedicated managed programs as well as properties we manage on behalf of other property owners. US-based staff for these ongoing operations remain in place.”
He added: “We continue to operate our global agency business, which represents the majority of our business, from our offices in the US, London and Singapore, booking clients into our vast supplier network. We also continue to operate our BridgeStreet branded and operated properties in the UK and Europe, aside from a small number of properties which have been temporarily closed in an effort to consolidate demand in other nearby BridgeStreet properties. In the UK and in Paris, in an effort to manage costs through the health crisis, we have temporarily furloughed certain employees with the support of government programs.”
“We continue to focus on our core strategy to be a provider of trusted, high quality extended-stay accommodations. We remain optimistic about continuing to be a leading extended-stay accommodation providers post-pandemic, as we have been for many years,” Advani concluded.
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