Posted on 01/15/2024 12:33:47 AM PST by Libloather
A Hilton hotel in San Francisco has defaulted on its mortgage, missing its $97 million loan payment - in the latest in the 'doom loop' crisis for the liberal city.
The city’s hospitality sector is faltering alongside the rise in rampant crime, debilitating homelessness, and dangerous public drug use - with fewer people wanting to visit San Fran compared to before the pandemic.
According to a securities filing, the owner of the Hilton Financial District, a 544-room hotel, said it defaulted on a loan last Wednesday. It was warned that its lenders could potentially seek to foreclose on the property if an agreement is not reached.
According to the San Francisco Chronicle, the Hilton Financial District reported $11.1 million in revenue in the third quarter of 2023, down from $12.3 million a year prior.
The hotel had also dropped its room prices, from an average of $218-a-night compared to $230, as the number of people occupying the hotel rooms also fell.
In October, businesses and billionaires funneled millions of dollars into a new campaign to 'save San Francisco' and improve its image, even as the crime-ridden city falls into a 'doom loop' spiral of economic collapse.
'It All Starts Here' is a $4 million civic pride campaign financed by chairman of the cryptocurrency company Ripple, Chris Larsen, and Gap board member Bob Fisher.
'We are frustrated by the negative national narrative of our City and instead of complaining about it, a group of leaders have come together to do something about it,' said the campaign website.
Gap Inc., Levi's, Lyft, OpenAI, SF Giants and Uber are involved in the effort, while the city has reported more than 40,000 crimes this year and is experiencing a mass exodus of businesses.
In October, seven Starbucks stores in San Francisco's downtown area announced...
(Excerpt) Read more at dailymail.co.uk ...
That’s a very old hotel. I used to stay there when it was a Holiday Inn in the early ‘70s.
The rooftop pool is featured in one of the Dirty Harry movies when the sniper shoots a girl swimming there.
Democrat hellhole city has financial problems? What’s next - - dogs biting men? I’m shocked I tell you - shocked!
Remember it is not just tourist occupancy hotels such as the Hilton are losing in California. Those hotels rent out their conference rooms for everything such as the Tuesday Rotary Club meeting to ponzi-scheme presentations by questionable companies.
Add in the loss of large company business conferences that are no longer held in San Francisco and they really no longer have any customers. Tourists and such were probably a small percentage of their customers. Business conferences were likely their bulk income. What company or institution is going to hold their yearly trade conference in SF?
Bingo, BOBL has won this game. It will be a show case example for the evening news as they parade the homeless and the mob that walked across the border. Pigs will fly, and everyone will want to visit the Poop Capital in the Streets NEW culture for California. Nancy Pelosi will grin and be gleeful, Newsome will advance to the Presidential Candidate on the Democratic Party with Hillary Clinton blowing her horn.
I was working a job in San Jose earlier this year. Some of my co-worker wanted to go to San Francisco. I took a hard pass, and said I would prefer to remember SF as it was 30 years ago compared to now.
Maybe they can save themselves by piping the Paris Hilton sex video into the rooms....
You are exactly correct. The destruction of our cities is all part of the plan for the elites to eventually own them.
Would ObamaBiden offer enough per illegal per night to enable the the owner(s) to.ma I e those payments?
REITs are floundering around their historic lows.
Need to get a loan from Pelosi, she and Liz Cheney made millions from insider trading.
I never studied architecture, but one thing I’ve noticed about Brutalist buildings is that the exterior is very rough in many cases. Makes you not want to touch them.
I don’t go around touching buildings but something about most other styles does compel me to want to reach out and have a tactile sensation of the construction. Brutalist buildings seem to have to be endured rather than enjoyed.
Badly written, I think the loan was 97 million. They did not list the payment amount.
Or, the city merely takes over the hotel for the unpaid back taxes. The city unpaid taxes probably have more senior standing to the banks mortgages.
I had a New Mexico version of that happen 25 years ago. We were staying at a B&B in Taos, and some of the guests (from Canada, I think), were all excited about going to Gallup. When they said that, the rest of us looked at them with shocked faces. They thought it was some paradise filled with Native American jewelry shops, but we filled them in on the reality.
Visited in the late 80s moved there in 95 left in 2016. It had been a slow slide downward but really accelerated since 2000 when Gavin Newsome became mayor, then he started wrecking the entire state as governor, now he wants to do it to the country as president
I have been in that building many times and veer between an affection for it and wanting it painted or even demolished. Although it looks like a bunker, the building is unusually spacious inside, with high ceilings and large rooms. The architect got that right at least, which is why it has endured.
“a ‘doom loop’ spiral of economic collapse”
The very predictable consequence of liberal lunacy and moral degradation.
https://www.investopedia.com/doom-loop-6748009
Doom Loop: Definition, Causes, and Examples
What Is a Doom Loop?
A doom loop describes a situation in which one negative action or factor triggers another, which in turn triggers another negative action or causes the first negative factor to worsen, continuing the cycle. It is equivalent to a vicious cycle in which a downward trend becomes self-reinforcing. The term was popularized in the 2001 management book Good to Great by Jim Collins.
In economics, a doom loop describes a situation in which one negative economic condition creates a second negative condition, which in turn creates a third negative condition or reinforces the first, resulting in a self-reinforcing downward spiral.
KEY TAKEAWAYS
Doom loop describes a scenario in which one negative factor creates another negative factor, which in turn worsens the first or creates a third, similar to a vicious cycle.
Excess government debt can trigger an economic doom loop, as happened in Greece in 2010.
1
A weak banking system (or one overexposed to risk) can also trigger a doom loop, as happened in the 2008 global financial crisis.
Intervention in the form of a bailout is usually needed to break a doom loop.
ChiComs will end up owning San Francisco.
Sad fact is, it would actually be an improvement.
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