Downtowns are dead, dying or on life support, per Forbes.
Recently, in July the Westfield Mall, the biggest mall in San Francisco, to give up property to lenders.
It had $558 million in outstanding mortgage debt.
Recently, San Francisco's downtown area has suffered another setback as a major investor in one of its largest hotels announced it would cease loan payments.
Downtowns are dead, dying or on life support
10/6/2023
Park Hotels and Resorts, the investment company that owns the Hilton San Francisco Union Square and Parc 55 hotels, declared on Monday that it has stopped payments on a $725 million loan as it aims to scale back its operations in the city. The two hotels together offer nearly 3,000 rooms.
The company's CEO, Thomas Baltimore, Jr., stated that San Francisco's recovery trajectory is obscured and extended due to significant challenges. These include office vacancies resulting from remote work policies, a weaker-than-anticipated citywide convention schedule through 2027, and concerns about street conditions.
Baltimore concluded that the ongoing strain on the company's operating results and balance sheet is too substantial to justify maintaining ownership of these assets. The hotels will be returned to the lender.
Read more: https://unusualwhales.com/news/owner-of-san-franciscos-largest-hotel-the-hilton-union-square-has-opted-to-cease-payments-on-a-725-million-loan-thus-sf-losing-2900-hotel-rooms
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