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Commodity Pricing

The Luxus Fears Lasting Economic Impacts from Offshore Industry Crisis

(St. John’s, NL – June 22, 2020) The Luxus Boutique Hotel, Lounge & Café, a 5-star property located in the heart of downtown St. John’s, has attributed much of its success to the offshore oil & gas industry. Established in 2015, the thriving local economy was conducive to full occupancy and a bustling lounge & café every day and night of the week.

As a result of the uncertainty in the offshore oil & gas industry and Covid-19, the property has been forced to reduce staff to just three employees, down from the regular 10 to 15 previously employed year-round. It has also experienced a dramatic loss of revenue with the disappearance of its two largest revenue streams – offshore oil & gas and tourism.

“The Luxus Boutique Hotel, Lounge & Café has reaped huge economic benefits from a thriving offshore oil and gas industry,” said General Manager Chris Woodley. “When capital construction was happening offshore, our hotel, lounge & café were at a maximum capacity seven days of the week. Unfortunately, the economic crisis crippled our business, and I fear without necessary support and incentives from the federal government, the lasting economic impacts will be felt for many years to come.”

The Luxus Boutique Hotel, Lounge & Café offers guests exquisite one- and two- bedroom suites with magnificent harbour views in the heart of downtown St. John’s. Enjoy a delicious variety of breakfast or lunch menu items in the café or relax in the onsite lounge with handcrafted cocktails or a local craft beer.

From Noia | Issued June 22, 2020