The closure of Parnell's Iguacu Restaurant is seen as a sign of the times for the industry.
The Auckland restaurant has been around for at least a decade but has been forced out by its landlords after getting itself two months behind in rent payments.
In 2010, 38 hospitality providers closed their doors, and already this year, that number has shot up to 65.
Hospitality Association president Adam Cunningham says there's no sign of costs easing while people are still cutting down on dining out.
"In these times people are working very hard to keep the doors open and to not pass costs on. I think the Iguacu example is an eye opening one, it's a large and historically very successful business."