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Started By
Message
Owner of San Francisco's largest hotel is surrendering it to lender
Posted on 6/5/23 at 8:30 pm
Posted on 6/5/23 at 8:30 pm
quote:
SFist
@SFist
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 debt, surrendering the hotels to its lender.
https://twitter.com/SFist/status/1665775112333803524
27
Posted on 6/5/23 at 8:33 pm to Bobby OG Johnson
quote:
"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."
Posted on 6/5/23 at 8:36 pm to Bobby OG Johnson
They can make it a highrise for the homeless
Posted on 6/5/23 at 8:37 pm to Bulldogblitz
I’m sure that’s the first thing the city Council is moving to make happen.
Within six months, it’ll be burned to the ground.
Within six months, it’ll be burned to the ground.
Posted on 6/5/23 at 8:38 pm to Bobby OG Johnson
So who will they try to house there first? Homeless addicts or illegal immigrants?
Posted on 6/5/23 at 8:38 pm to EKG
quote:
"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."
F*** San Francisco would suffice as well
Posted on 6/5/23 at 8:41 pm to EKG
>SFist
Wut
Wut
Posted on 6/5/23 at 8:43 pm to Bard
quote:
So who will they try to house there first? Homeless addicts or illegal immigrants?
Why bring all that division in here? It'll be free for all as long as they keep voting D.
Posted on 6/5/23 at 8:44 pm to Bobby OG Johnson
It's been reported that commercial real estate is going to be a really bad investment very soon.
Posted on 6/5/23 at 8:47 pm to Kafka
quote:
>SFist
IDK homie
Posted on 6/5/23 at 8:50 pm to Bobby OG Johnson
quote:
F*** San Francisco
Lol. I came here to type exactly that.
Posted on 6/5/23 at 8:51 pm to Bobby OG Johnson
My wife thinks this is all a plan by China to make living conditions in all the major cities untenable so they can swoop in and buy all the real estate for next to nothing and then run the cities. They'll definitely get rid of the homeless as a first order if that happens.
Posted on 6/5/23 at 8:51 pm to Bobby OG Johnson
S.F. has managed to kill the goose that laid the golden eggs.
Posted on 6/5/23 at 8:56 pm to SouthEasternKaiju
quote:
I’m sure that’s the first thing the city Council is moving to make happen. Within six months, it’ll be burned to the ground.
No doubt.
Best business model in SF: glass repair
Worst business model in SF: property insurance
Posted on 6/5/23 at 8:58 pm to Bobby OG Johnson
quote:
F*** San Francisco would suffice as well
Salt the earth so nothing can grow there again for eternity
Posted on 6/5/23 at 8:58 pm to Bobby OG Johnson
SF is sleeping in the shitted bed.....with no help in sight!
Posted on 6/5/23 at 8:58 pm to TrueTiger
And still they won't get it and assign blame elsewhere.
Posted on 6/5/23 at 9:03 pm to shutterspeed
quote:
And still they won't get it and assign blame elsewhere.
One of the comments under the story says capitalism is to blame.
Posted on 6/5/23 at 9:06 pm to Bobby OG Johnson
And Gavin Newsome will insist this is how the rest of the nation should be run
Posted on 6/5/23 at 9:06 pm to EKG
Tarzana et al please chime in! This is a shining light city after all!
This post was edited on 6/5/23 at 9:16 pm
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