Real Estate
Major San Francisco Hotel Investor Will Stop Making Loan Payments
Downtown San Francisco has been dealt another blow after an investor in one of its largest hotels said it would stop paying its loans.
June 6, 2023
SAN FRANCISCO -- Downtown San Francisco has been dealt another blow after an investor in one of its largest hotels said it would stop paying its loans.
Find out what's happening in San Franciscowith free, real-time updates from Patch.
Park Hotels and Resorts, the investment firm that owns Hilton San Francisco Union Square and Parc 55 hotels, said Monday that is has ceased payments on a $725 million loan as looks to reduce its presence in the city. The hotels have nearly 3,000 rooms, combined.
In a statement, the firm's CEO, Thomas Baltimore, Jr., said that San Francisco's "path to recovery remains clouded and elongated by major challenges" including office vacancies caused by companies letting employees work-from-home, a "weaker than expected citywide convention calendar" through 2027 and "concerns over street conditions."
Find out what's happening in San Franciscowith free, real-time updates from Patch.
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