The owner of two, thousand-room-plus hotels in San Fran says he’s going to walk away from the $750M loan on the properties because “…we believe San Francisco’s path to recovery remains clouded and elongated by major challenges - both old and new…”
The Hilton Union Square claims to be the biggest hotel west of Las Vegas, and nearby Parc 55 sounds like it‘s nearly as big. The owner, Park Hotels and Resorts, ceased making loan payments. I don’t know who the lender(s) is(are), but I’m sure they are serenely receiving the news that they are about to claim unproductive collateral surrounded by a sea of **** and mental illness and industrial scale crime.
But the good news is the city will have more facilities to house the homeless! Win-win!
The Hilton Union Square claims to be the biggest hotel west of Las Vegas, and nearby Parc 55 sounds like it‘s nearly as big. The owner, Park Hotels and Resorts, ceased making loan payments. I don’t know who the lender(s) is(are), but I’m sure they are serenely receiving the news that they are about to claim unproductive collateral surrounded by a sea of **** and mental illness and industrial scale crime.
But the good news is the city will have more facilities to house the homeless! Win-win!