If it were a refurb, I would have expected it to be planned some time in advance, not for them to be shutting the hotel and cancelling existing reservations with just a few days notice. I had been wondering if they had a fire or suchlike that caused them to shut at such short notice, but no reports that I can find, so I suspect the owners have got a refugee contract.
I suspect the hotel is owned by a franchisee - if it were owned by Ibis/Accor, I would have expected some incentive to rebook with another of their hotels.