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You hate to see it... San Francisco Hotels are pulling out
Posted on 6/14/23 at 11:16 am
Posted on 6/14/23 at 11:16 am
robbreport.com
San Francisco has faced an exodus of wealthy residents and big retailers, now large hoteliers are following suit.
also dailymail.com
>
Revenue per available room was almost 23 percent lower this past April than the same month in 2019. Meanwhile, Los Angeles and New York are filling as many rooms this year as they were four years ago.
Just last week, an investor in the city’s largest hotel—Hilton San Francisco Union Square—announced that it would stop paying its loans. Park Hotels and Resorts CEO Thomas Baltimore, Jr. said that San Francisco’s “path to recovery remains clouded and elongated by major challenges,” CBS News reported. The company walked away from its $725 million loan and surrendered the hotels to its lender.
But hotels aren’t the only signs of the city’s struggle. Nineteen retailers have left the city’s Union Square area since 2020, Insider reported.
Wall Street Journal reporting today [unfortunately paywalled] this is escalating... just don't ask their Mayor, the Governor or this boards' progressives.
San Francisco has faced an exodus of wealthy residents and big retailers, now large hoteliers are following suit.
also dailymail.com
> Revenue per available room was almost 23 percent lower this past April than the same month in 2019. Meanwhile, Los Angeles and New York are filling as many rooms this year as they were four years ago.
Just last week, an investor in the city’s largest hotel—Hilton San Francisco Union Square—announced that it would stop paying its loans. Park Hotels and Resorts CEO Thomas Baltimore, Jr. said that San Francisco’s “path to recovery remains clouded and elongated by major challenges,” CBS News reported. The company walked away from its $725 million loan and surrendered the hotels to its lender.
But hotels aren’t the only signs of the city’s struggle. Nineteen retailers have left the city’s Union Square area since 2020, Insider reported.
Wall Street Journal reporting today [unfortunately paywalled] this is escalating... just don't ask their Mayor, the Governor or this boards' progressives.
15
Posted on 6/14/23 at 11:18 am to captainFid
quote:
are pulling out
If only everyone in SF would do this.
Most are near Union Square it appears, which has become the center of being a total shithole. If you haven't been recently it will amaze you. Utterly disgusting.
Posted on 6/14/23 at 11:19 am to captainFid
Too bad it’s not happening faster.
Posted on 6/14/23 at 11:19 am to Fun Bunch
quote:
If only everyone in SF would do this.
Except the idiots would move somewhere and bring their politics with them.
Posted on 6/14/23 at 11:20 am to Bestbank Tiger
I meant...
Posted on 6/14/23 at 11:23 am to captainFid
Sad what Newsom and co have done to San Francisco. Have stayed at that HIlton and maybe one of the others but it was a long time ago.
Posted on 6/14/23 at 11:23 am to captainFid
Who, in their right mind, would invest a penny (muni bonds, regional banks and businesses, etc.) in the state of California? It's insane!
Posted on 6/14/23 at 11:24 am to captainFid
I don't hate to see. The voters are getting the results of the policies and people that they voted for.
Posted on 6/14/23 at 11:26 am to captainFid
quote:
You hate to see it... San Francisco Hotels are pulling out
Perhaps San Fran can rent the rooms to house illegals and homeless
Or just let the homeless strip the buildings for scrap
Posted on 6/14/23 at 11:27 am to JColtF
This is exactly what the communists want.
Don't need a violent revolution. Its just being forfeited.
Don't need a violent revolution. Its just being forfeited.
This post was edited on 6/14/23 at 11:28 am
Posted on 6/14/23 at 11:27 am to captainFid
The big mall operator is bailing, too.
LINK
LINK
Posted on 6/14/23 at 11:27 am to tivey6301
quote:....and they're gonna pack up and move to your neighborhood. Oh yeah, they'll be bringing their politics, morals and work ethic with'em!
I don't hate to see. The voters are getting the results of the policies and people that they voted for.
Posted on 6/14/23 at 11:28 am to captainFid
I have to go to San Francisco later this year for an event and the flight, car and hotel were dirt cheap. No one is traveling there.
Posted on 6/14/23 at 11:33 am to captainFid
I was getting ready to sell 7 puts on SLG, but I am concerned about the state of NYNY another woke dumster fire.
This post was edited on 6/14/23 at 11:36 am
Posted on 6/14/23 at 11:36 am to ELVIS U
quote:
I have to go to San Francisco later this year for an event and the flight, car and hotel were dirt cheap. No one is traveling there.
Maybe you'll get lucky and catch the Covid. Then you won't have to go.
Posted on 6/14/23 at 11:38 am to coachcrisp
quote:Sadly, you are probably right. People are entirely too stupid to stop doing things that are bad for them. My high school girlfriend's parents both smoked. Her mother was on oxygen beginning in her mid 50's. Today, my ex-girlfriend is in her 50's, a hardcore lib and smokes like a chimney. Glad I didn't marry her!
they're gonna pack up and move to your neighborhood. Oh yeah, they'll be bringing their politics, morals and work ethic with'em!
Posted on 6/14/23 at 11:39 am to captainFid
That won’t do anything. For every 10,000 people that decide to move out, there’s 9,000 dumbasses living in Ohio who will gladly move to California in a heartbeat. CA is simply too big and populous of a state to be affected by this.
This post was edited on 6/14/23 at 11:46 am
Posted on 6/14/23 at 11:46 am to RELEE
quote:
I was getting ready to sell 7 puts on SLG, but I am concerned about the state of NYNY another woke dumster fire.
New York seems to be doing fine.
quote:
Meanwhile, Los Angeles and New York are filling as many rooms this year as they were four years ago
Posted on 6/14/23 at 12:02 pm to captainFid
Hilton and the 55 were/are owned by the same entity. That entity is simply walking away from the hotels and letting the bank take them.
Posted on 6/14/23 at 12:08 pm to Fun Bunch
One of the most beautiful parts of this country, totally trashed by liberal policy.
I lived there for awhile, loved it but there's so much more bullshite you have to deal with than most places, even other liberal havens like NYC.
I lived there for awhile, loved it but there's so much more bullshite you have to deal with than most places, even other liberal havens like NYC.
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