Park Hotels & Resorts says it has stopped making payments on a $725 million loan that secured two major San Francisco hotels and plans to shut them down.
"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 and will likely significantly
reduce compression in the city for the foreseeable future," Baltimore said.In its June investor presentation, Park Hotels cited "on-going concerns over safety and security" as part of its rationale for giving up on the two prominent San Francisco hotels, and said the move would save $30 million a year in interest payments and some $200 million in maintenance expenses over the next five years.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Major San Francisco hotel investor will stop making loan paymentsDowntown San Francisco has been dealt another blow after an investor in one of its largest hotels said it would stop paying its loans.
Lire la suite »
Hospitality workers see troubling trend as major San Francisco hotel investor skips loan paymentsMany San Francisco hospitality workers say a decision to pull back operations in the city is part of a troubling trend.
Lire la suite »
A major hotel chain abandons San Francisco, blaming city's 'clouded' futurePark Hotels & Resorts, one of the nation's largest hotel real estate investment trusts, is pulling out of two hotels in downtown San Francisco, blaming the city's 'clouded' future.
Lire la suite »
Major gas leak, water main break shuts down San Francisco intersection, prompts evacuationsBreakingNews 🚨 A gas leak and water main break in San Francisco has closed streets and rerouted Muni service Wednesday morning. The area is closed off for now.
Lire la suite »
Owner of Biggest Hotel in San Francisco Gives Up Amid Downtown WoesThe owner of two major hotels in downtown San Francisco is preparing to give the properties up to foreclosure as the city’s downtown decline continues, with retail shops leaving the area amid crime and homelessness.
Lire la suite »
Texas may condemn Fairfield Lake State Park land to save it, as park closes once againNow that Fairfield Lake State Park is closed to the public, Texas officials are discussing condemning the land to acquire it from Todd Interests.
Lire la suite »