In The Loop: WeWork Cuts Prices, The Yard Takes Over Former Hotel, And Knotel’s Bankruptcy

Knotel is extending its sale deadline by 2 weeks to appease creditors that argued the process mas moving too quickly.

WeWork Cuts Prices across the U.S.  

Bloomberg reported this week (paywall) that WeWork has cut prices across the U.S. over the past few months. According to the report, the coworking company “reduced the price of most rental units—from individual desks to small offices.” The average price reduction price was of 10%, with some locations dropping as much as 25% according to the data gathered by Bloomberg. Bloomberg reported, however, that the pricing information was not displayed to website visitors, but rather it was contained within the website source code. 

The Yard to Convert Former NYC Marriot Hotel into Flexible Workspace 

Connected Real Estate Magazine reported that coworking operator The Yard will take over a now-defunct Courtyard by Marriot hotel in NYC. The hotel closed down permanently in September, 2020 because of financial difficulties that resulted from the coronavirus pandemic. According to reports, The Yard is converting the 76,000 square foot building into a flexible office space building; the fourth and fifth floor hotel rooms will be converted into private offices. This the Yard location will mark the company’s first management agreement.  

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Knotel Extends Sale Deadline 

Law360 reported this week that Knotel told a Delaware bankruptcy judge Thursday that it had reached a deal with unsecured creditors to extend its Chapter 11 sale timeline. The decision comes after creditors argued that the plan mas moving too quickly. Instead of the sale taking place 30 days from the petition day, it will now be 45 days from the petition date. “Under the terms of the new proposal, March 12 will be the new bid deadline, with an auction to follow that same day. The sale hearing is now scheduled for March 18.” 

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