NYC’s hospitality sector faces labor shortage

The sudden loss of interest in the sector is due to the high weekly unemployment allowance people are receiving due to the pandemic. (Reuters)
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Updated 23 May 2021
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NYC’s hospitality sector faces labor shortage

  • According to website Joblist, hospitality job openings in New York have almost doubled in the last three months

NEW YORK: After more than a year of being hard hit by the coronavirus disease (COVID-19) pandemic, New York City restaurants reopened indoor dining to 100 percent capacity this week, but a shortage of hospitality workers has left some restaurant and bar owners scrambling.

Pat Hughes, owner of Manhattan bar Scruffy Duffy’s, which has been shuttered for more than a year, said the bar would not reopen until he finds a good bartender — but feared that with people earning more collecting unemployment benefits and pandemic assistance that may be difficult.

“If you’re unemployed, you’re receiving $750 take home (weekly). So if you are working in a bar or restaurant, you are not making that kind of money,” Hughes said.

Hughes said he would need to pay higher wages to attract employees, but those costs would be passed on to the consumer.

According to job search website Joblist, hospitality job openings in New York have almost doubled in the last three months. But the current level of interest in hospitality jobs in New York on the site is down more than 40 percent from its peak in June, during the first wave of reopenings.

Owner and Executive Chef Paul Denamiel of French restaurant Le Rivage in the Hell’s Kitchen neighborhood of Manhattan said many former hospitality workers had decided to leave the industry altogether.

“It was a hard industry to begin with,” he said. “So a lot of people were like, ‘Ugh is this really what I want?’ A lot of those longtime career hospitality people are just not there. They’re gone.”

Former bartender Aaron Kolatch, who worked for eight years at some of New York City’s most popular bars, is one of those people.

Kolatch decided to learn code as a hobby during the pandemic until bars reopened, but after signing up for an online introductory course on computer science, he realized he wanted to change careers to become a software engineer.


PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025

Updated 27 February 2026
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PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025

RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.

According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.

Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries. 

The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.

AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.

AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.

Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”

He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”

Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.

AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance. 

Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.