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 ...
Somebody needs to see Zelenskyyyyyyy and see if they can get some of our money back that Bidenskkyyyyy gave him.
Maybe Fauci will triple vax them
Timeline? These gone by the end of 2024?
2900 empty rooms - great!
Can fill it will 5800 illegal migrants on Fed.gov dime!
The SF Hilton at Union Square has always been a misfit. Just tear it down. The half the tourists show up in SF, anyway. Sad how the city has become a third world with nice spots and not so nice spots. My grandparents lived in SF and watched both bridges get built in 1935 and yes, the Catholic Churches in SF are amazing.
There were major clues how bad things were when on the internet there was (and still is) a site mapping the areas of the city where the human fecal piles are the worst (the homeless areas). Graphics on the site use vertical columns of poop piles with a legend equating so many little piles to so many homeless and the resultant disgusting crime rate as well as smell. One of them right down in the parking area for the tourist pier restaurant area. Whole place taken over to accommodate worthless human debris— instead of dealing with their drug and mental issues and getting them moved out.
No idea. From what I saw last month that’s just my impression.
I was at Old Navy, and business seemed so bad I thought it was moribund. And a couple of weeks later it was announced it was closing.
Macys, Bloomingdales, Target seemed no better.
They'll filter it thru "Stimulus for [blue] Metropolitan Employment Ventures" or some such. Sounds so nice...
“ How did you go bankrupt?”
Two ways. Gradually, then suddenly.”
Third world has arrived . You think those photos of Kisangani (Stanleyville) were unbelievable? Withdrawal of business and a small quake are all that’s needed to make SF into a favela.
That will be the silver lining.
I guess I’ll be the contrarian here. I’ve conservative, have worked in SF for 29 years and still do—only in the office once a week though. Edge of the Tenderloin. Yes it’s dystopian now—more than ever—…but the city has natural beauty by the Bay. More beautiful than Detroit. Educated people around. Maybe there is an opportunity for bargains and one day a revitalization…everything has a cycle. I’m an optimist. But the problem with SF voters is that they are just TOLERANT of everything…including dystopia. They are honestly fine with it.
It would seem they would welcome all the illegals to rebuild the city and refill these empty buildings.
We drove to San Francisco last weekend and sure enough there are poop piles in the middle of the sidewalks. You can see them from inside the car. First they became a mecca for male on male sex and it has been downhill ever since. The very liberals who drive to Yosemite in their Subarus would scowl at someone giving a sunflower seed to a chipmunk or having an ice chest on a picnic table, think that doing the same thing for homeless people is perfectly fine.
Homeless people stand in the median with a little cardboard sign and liberals stick dollars in their hands. Those dollars are spent on drugs alcohol and cigarettes and the homeless don’t have to go to work to pay for their vices. Then they lie around in the parks and do their bathrooming on the sidewalk. How do liberals not make that connection?
I would think a family of 5 illegals would easily fit in each room. There was a 3 bedroom 2 bath 1300 sf house at the end of our block years ago that had a bunch of Hispanics in it. Not sure, but guessing there were 20 or more people living in it (rental).
They had the nicest cars - three new Cadillac Escalades and four other cars parked on the drive and front yard grass. Plus all the other crap in the front yard. Amazed me to see the nice cars and the rest of the place was crap.
Thankfully the landlord was finally able to get them out, and then he had to spend a bunch of money getting the place rented. (A nice quiet couple now that I rarely see).
yeah, I was thinking the same. sounds like Chase will be having a foreclosure sale soon. maybe I can get a zero down loan as it sounds like there were no offers when the REIT tried to sell the property.
Unfortunately, the big city dystopia is systemic. Philadelphia and Baltimore, rich with the history of our nation's birth, are more examples of cities in dire straits.
Drugs and liberal lawmakers go hand-in-hand in the downward spiral.
May your optimism be paired with patience and discernment.
Yep.
Get out of REIT’s NOW. This problem isn’t limited to San Franfreako.
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