- News of Park Hotels & Resorts’ plan to surrender ownership of two of San Francisco’s largest hotels is the beginning of what could potentially become a mass exodus of hotels from the city as 30 additional properties are facing massive loans due over the next two years.
- The company behind the hotels announced Monday it had stopped making payments on its $725million loan that is due in November for the Hilton San Francisco Union Square and Parc 55 hotels.
- Though Park Hotels owns the largest and fourth largest hotels in San Francisco, they are by no means the only hotels suffering and going under as loan repayment date close in.
- Analysts are now warning that more than two dozen hotels could be joining as they have loans due in the next couple of years as San Francisco continues to struggle with prevalent drug use and an exploding homeless population.
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Up To 30 San Fran Hotels May Default Amid Rampant Crime, Vagrancy
SAUSALITO, CA - JUNE 20: The Transamerica Pyramid building is seen through the north tower of the Golden Gate Bridge June 20, 2007 as seen from Sausalito, California. Pacific Gas and Electric has launched an estimated $1.5 million research program to study the possibility of submerging turbines under the water to gather energy from tidal flows. A previous study conducted by the Electric Power Research Institute in 2006 came to conclude that the tides that pass under the iconic Golden Gate bridge are the best on the West Coast of the U.S. to generate power. (Photo by Justin Sullivan/Getty Images)
