Colorado’s largest hotel, the Gaylord Rockies Resort & Convention Center, is temporarily closing its doors and postponing its $80 million, 317-room expansion to stave off any further money hemorrhaging amid the coronavirus fallout.
The 1,501-room hotel in Aurora has lost more than $42 million in revenue and nearly 69,000 group-room nights as coronavirus fears and restrictions intensify, the Denver Business Journal reports. The hotel will shut down at the end of this week and remain closed through at least the end of April, joining the four other Gaylord hotels across the nation that also are shuttering temporarily.
“We have we determined that a temporary suspension of operations is in the best interests of the employees in our hotel properties, the local communities in which our hotels operate, and our shareholders,” Colin Reed, chairman and CEO of Ryman Hospitality Properties Inc., said in a statement. “We will assess hotel demand levels throughout the month of April and in consultation with local health authorities determine an appropriate reopening date for the facilities.”
About 1,500 Gaylord employees will be temporarily laid off, helping to reduce the resort's monthly operating costs to $3 million, according to the Journal. Full-time workers will receive paychecks through April 12, while part-time employees will get an extra two weeks of pay. All workers will continue to receive health benefits until the end of May.
This month, the hotel lost 24,000 reservations and another 21,000 rooms reserved in April, as most conferences and people’s travel plans have been canceled out of caution. About 7,000 reservations for May also have fallen through, as well as 17,000 rooms booked for June and beyond.
Altogether, the five Gaylord hotels, which are managed by Marriott International, have lost $226.5 million in revenue.