Ownership of two major downtown San Francisco hotels is up in the air after a Virginia-based real estate investment firm announced it will stop paying a multimillion dollar loan.
Park Hotels & Resorts Chairman and CEO Thomas J. Baltimore Jr. said in a statement the"very difficult, but necessary" decision was made after considering a variety of factors. The move is intended to save the company money while reducing its San Francisco footprint in favor of investing in"higher growth" Hawaii markets.
Newsom: DeSantis a 'small, pathetic man' for flying migrants to NorCal State officials are investigating a pair of private flights that flew three dozen South American migrants into California's capital city
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Owner to stop paying $725M loan on 2 of San Francisco's largest downtown hotelsThe owner of two of San Francisco's largest hotels has stopped making payments on a $725 million loan, they announced on Monday. It's the latest setback for a city's downtown besieged by vacancies. UPDATE: President & CEO of Hotel Council of San Francisco says the hotels are open for business and expects new ownership to come forth. 'It is not uncommon for hotel ownership to change.'
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Owner of San Francisco's largest hotels not paying property loan, plans to exit the cityThe owner of two of San Francisco’s biggest hotels will stop making payments on a massive loan it has on the properties, and because of conditions of the city, it plans to make an exit.
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Major San Francisco hotel investor will stop making loan paymentsDowntown San Francisco has been dealt another blow after an investor in one of its largest hotels said it would stop paying its loans.
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