Posted on 06/05/2023 7:52:40 PM PDT by Rummyfan
Another bit of bad news for downtown San Francisco arrived Monday morning with the revelation that the investment firm that owns the Hilton San Francisco Union Square and Parc 55 hotels is walking away from its debts and giving up hope on a return of SF's convention market.
Virginia-based REIT Park Hotels & Resorts has opted to cease payments on a $725 million loan, as the SF Business Times reports today, essentially surrendering over 2,900 hotel rooms and hospitality facilities to its lender. This includes the 1,921-room Hilton San Francisco Union Square, which is San Francisco's largest hotel, occupying an entire city block, and one of the country's largest hotels outside of Las Vegas.
Park Hotels & Resorts is also giving up on the 1,024-room Parc 55, citing the continued debt burden of the two hotels on its portfolio, and multiple factors that have made the SF market less desirable for their business.
"After much thought and consideration, we believe it is in the best interest for Park’s stockholders to materially reduce our current exposure to the San Francisco market," said Park Hotels CEO Thomas J. Baltimore in a statement. "Now more than ever, we believe San Francisco’s path to recovery remains clouded and elongated by major challenges, both old and new: record high office vacancy; concerns over street conditions; lower return to office than peer cities; and a weaker than expected citywide convention calendar through 2027 that will negatively impact business and leisure demand."
(Excerpt) Read more at sfist.com ...
Sadly, London Breed is often the sanest one of the gang of clowns running San Francisco.
The descent into Mad Max world continues unabated. Thanks lieberals and demonrats.
“magically clean them up”
Might take .50 machine guns and bulldozers.
Now, just Hu will pick it up, for mere pennies, on the dollar?
I have stayed in that hotel a few times. A decade ago it was very tired. I am not sure if it was overhauled in the past ten years. If not, I don’t know how they would pay down $790 million. I think it must be very hard to find the help. It must be very hard to fill the rooms too. And everything is probably really expensive to run. Last time I went to SF I stayed at the Fairmont. And I had dinner at the Top of the MarK across the street. There were places you just did not walk downtown. Market street was a complete hole.
The devolution of San Francisco continues....
Kinda of a crappy thing to do….oh, wait, fitting for the area. Genius move, really.
I have no doubt the Chinese can do better in San Francisco than today’s Californians can.
“Forget it, Jake, it’s Chinatown”. It’s all Chinatown.
“A total wipeout.”
a death spiral: shopping, restaurants, and hotels close because fewer conventions are being booked and street conditions are untenable for tourists and conventioneers, and even fewer conventions will be held because of the lack of amenities provided by shopping, restaurants, and hotels, plus continued degradation of tourist and conventioneer street conditions ...
Deliberate Democrat-induced destruction of a once great gem of a city that once could have been considered to be the Paris of the U.S. ...
Chinese are not stupid. Why would they buy those hotels they’re not gonna be able to make any money with them either give it how San Francisco is.
My favorite Documentary.
... just a note ..have you seen the video of the damn blown?
important stuff going down
Because they want the entire west coast, I think.
They will take comparatively small losses on everything in order to get the West Coast.
The world has decided to carve up America. Chinese get the West Coast and Latinos get the South.
I went to Stanford 50 years ago and used to love going to San Francisco. Thirty years ago I started writing a dystopian AI sort of novel based in the future with San Francisco as the backdrop.
Well that future has arrived.
If anyone knows any moviemakers, let me know. With the new AI generated video, my novel could go to movie without a huge budget. My books and scripts had zero chance in Leftwing media, but I don’t need them anymore.
The city has been dying a slow death for a long time, now it’s speeding up.
Problem is that, the feds might pick up the tab, so, we’re all paying for it.
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That’s what concerns me. Not just S.F. either but every s##t hole rat run big city in the U.S.
Guarantee you the Hilton Union Square will be full of that soon enough. Bet the "homeless" and illegals will see to it in short order.
Oh well, downtown SF is just nasty and depressing at street level.
The irony/coincidence is amusing.
Here is a CEO with last name Baltimore. (The word/name rhymes with “whore”.)
And one of San Francisco’s most famous residents, who played a role in making SF a 21st century $h!th0le, came from Baltimore.
Yup. "Brother, you asked for it!"
bkmk
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