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The owner of San Francisco's two largest
hotels - Hilton Union Square and Parc
55 - STOPS making payments on its $725
million loan due in November because the
crime-ridden city's 'path to recovery
remains clouded'

Original Article

Posted By: Imright, 6/6/2023 2:46:14 PM

The owner of two of San Francisco's largest hotels has stopped making mortgage payments on the properties and will let them go into foreclosure as historic crime rates continue to deter tourists. Park Hotels and Resorts announced on Monday that it stopped making payments on its $725 million loan due in November for the Hilton San Francisco Union Square and Parc 55 — the largest and fourth-largest hotels in the city, respectively. '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,' CEO Thomas Baltimore Jr said in a statement.

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Reply 1 - Posted by: MickTurn 6/6/2023 2:57:00 PM (No. 1486073)
Can we all say; Californication Ghost Towns?
12 people like this.

Reply 2 - Posted by: BRDG 6/6/2023 3:09:51 PM (No. 1486087)
Just like the COORDINATED BLM and AntiFa riots property values are plummeting and Blackrock will profit hugely.
7 people like this.

Reply 3 - Posted by: Axeman 6/6/2023 3:17:05 PM (No. 1486090)
More room for the unhomed and undocs.
10 people like this.

Reply 4 - Posted by: slipstik 6/6/2023 3:21:26 PM (No. 1486095)
"...worse before it gets better...". Excuse me, there ain't no "better" on any horizon. Krazyfornia has turned the corner and won't be coming back. They keep voting that Gruesome guy back in.
11 people like this.

Reply 5 - Posted by: Skinnydip 6/6/2023 3:25:51 PM (No. 1486099)
Look on the bright side. Lots more room for illegal immigrants to be housed at California taxpayers expense.
10 people like this.

Reply 6 - Posted by: itsonlyme 6/6/2023 3:47:14 PM (No. 1486117)
Additional rooms for the ILLEGALS including a "Michelin-rated restaurant". Waiter, more butter, please. Thank You, Californians! PS Yes, adjoining rooms.
6 people like this.

Reply 7 - Posted by: Luandir 6/6/2023 3:47:40 PM (No. 1486119)
In the face of this retail catastrophe, how do you interpret the city's inaction other than as a signal they WANT things this way?
7 people like this.

Reply 8 - Posted by: DVC 6/6/2023 3:48:02 PM (No. 1486120)
Well how did SanFran collapsw economically? "Slowly at first, then suddenly."
10 people like this.

Reply 9 - Posted by: Zeek Wolfe 6/6/2023 3:57:41 PM (No. 1486125)
The Democrat plan to ruin San Francisco and turn it into another Oakland is is right on schedule. People like Gavin Newsom, Nancy Pelosi and the state legislature are giddy with excitement. You think this a joke? Don't! The state senate filled with Democrats is about to pass a bill legalizing shoplifting. This is not hyperbole...shoplifters will not be detained but allowed to walk out of the store, free to go.
8 people like this.

Reply 10 - Posted by: enemyofthestate 6/6/2023 4:48:39 PM (No. 1486151)
In 1998 I was harassed by a bum in Union Square who would not take no for an answer. That's when my boycott of San Francisco began. 1998. In Union Square.
3 people like this.

Reply 11 - Posted by: rocket-j-squirrel 6/6/2023 5:00:33 PM (No. 1486156)
We're entering Blade Runner territory.
6 people like this.

Reply 12 - Posted by: john56 6/6/2023 5:45:24 PM (No. 1486189)
At this pace, "woke" is going to be a greater catastrophy than the 1906 and the 1989 earthquake combined
6 people like this.

Reply 13 - Posted by: JHHolliday 6/6/2023 6:55:30 PM (No. 1486247)
I haven't seen any numbers posted on the loss of tourist revenue in SF (probably spiked by the MSM) but it has to be massive. We were there some thirty years ago and it was trending downward even then. I can't imagine anyone wanting to see it know....The GG Bridge, Alcatraz and whatever other "draws" are not near enough of an attraction to lure tourists back. A few more years and the whole city will become a no-go zone. Sad, but it was entirely predictable.
2 people like this.

Reply 14 - Posted by: bad-hair 6/6/2023 7:11:22 PM (No. 1486261)
This was one of my favorite cities to visit 30 years ago. You couldn't find a bad restaurant in SF. You could walk anywhere and not worry about homeless (bums) trash. London Breed (what kind of name is that ?) Take the money and run. Turn SF over to somebody with a brain.
2 people like this.

Reply 15 - Posted by: thefield 6/6/2023 7:22:51 PM (No. 1486273)
I didn't see what is the lead bank for this. This bank and the rest of institutions that chipped on this investment will take it in the shorts.
0 people like this.

Reply 16 - Posted by: NorthernDog 6/6/2023 7:36:28 PM (No. 1486281)
They can rebrand as Econo-Lodge. Free crack pipe for frequent guests.
1 person likes this.

Reply 17 - Posted by: ChattyCatsSusan 6/6/2023 8:34:10 PM (No. 1486321)
Rather than foreclosure, why don't they make arrangements for some of these buildings to be turned into homeless encampments? That way we could slow down or reverse the human waste littering the sidewalks of that once beautiful city.
0 people like this.

Reply 18 - Posted by: mifla 6/7/2023 4:42:58 AM (No. 1486490)
Hey MSM, how about a story about how Dem policies have ruined California?
0 people like this.

Reply 19 - Posted by: Faithfully 6/8/2023 8:05:21 PM (No. 1487931)
"When the Lights Go down in the City".
1 person likes this.

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