Park Hotels and Resorts, the investment firm that owns Hilton San Francisco Union Square and Parc 55 hotels, said Monday that is has ceased payments on a $725 million loan as looks to reduce its presence in the city. The hotels have nearly 3,000 rooms, combined.
"Unfortunately, the continued burden on our operating results and balance sheet is too significant to warrant continuing to subsidize and own these assets," he concluded. The hotels will be given back to the lender. Park said it will continue to work with the loan servicers but ultimately will look to remove the hotels from its portfolio.
Retail and hospitality have been hit hard in downtown San Francisco. Nordstrom said last month it was closing both of its stores there, citing the changing"dynamics" of the area. Prior to that a year-old Whole Foods said it was temporarily closing because of worker safety. San Francisco Standard has tracked at least 20 closures of major stores since 2020, including Anthropologie, Office Depot and CB2.
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