Guess no one wants to go to the Gap there any more.
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 ...
Give a conservative a pile of bricks and he creates a city. Give a liberal a city and he creates a pile of bricks.
It’s a CRAPHOLE city!!
Reap what you sow, commieforina.
Cough it up Paris, your Poodles won’t go hungry.
“I loved spending time there in the late ‘80’s.”
Oh, me too! Some of my best memories are of visits to SFO in the ‘80s and ‘70s. The left is ruining everything!
“House the illegals and get Uncle Sugar to pay for it.”
The problem with that concept is that Uncle Sugar’s bank account is refilled with our taxes. That means the entire country pays for any Californication f**kups.
A better version:
“House the illegals and get CA taxpayers to pay for it.”
“No, it’s the “negative national narrative” against SF that is at fault, nothing to do with the crime, addicts and 💩 all over the place”
And tens of thousands with questionable lifestyles that like to throw themselves Parades to show off their junk from floats while throwing candy to children.
Letitia
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.
Am I missing something here?
Regards,
Exactly. It’s all by design.
Democrats destroy everything they touch. Add San Francisco and California to the list.
Guess no one wants to go to the Gap there any more.
REITs are going to crash.the one I was offered a few years ago was the foolproof land under city pharmacies
....
Yeah No.
You have to ask for the crime and excrement discount to get the $166 rate.
Boycott backfire?
I stayed in that hotel years ago. Didn’t realize it was the same one in the article until I saw the picture. I was attending a huge wedding reception at the Empress of China restaurant, which was right across from the Hilton. The Empress of China was a famous restaurant that had been visited by many celebrities, including several presidents, over the decades. I understand it closed for good within the last several years, and now the hotel could close as well. That city really is coming apart at the seams.
They should implement more woke and DEI to solve their problems, be come a sanctuary hotel for illegals and homeless, offer free drug paraphernalia with drug inclusion centers and they’d be rolling in human feces but the place would be full.
I wonder if the hotel owners over valued their he hotel, now that it is going bankrupt and rhr market in the dumpster.
Inbound tourism to the US, especially by Chinese, has not recovered to pre-Covid levels.
https://www.marketplace.org/2023/05/30/international-tourists-are-coming-back-to-the-u-s-slowly/
Cities were big destinations for tourists over the recent Memorial Day holiday weekend. But while domestic tourists are back in places like Las Vegas, the number of visitors coming from outside of the U.S. is not quite 80% of what it was in 2019, according to the International Trade Administration. So what’s holding these international travelers back?
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