- 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.
