Owner of Two of San Francisco’s Largest Hotels Pulling Out of City: ‘Path to Recovery Remains Clouded’

[lanpetuta]

Owner of Two of San Francisco’s Largest Hotels Pulling Out of City: ‘Path to Recovery Remains Clouded’​

Parc 55 Hotel(@parc55hotel/Image via Instagram)
June 6, 2023 12:19 PM

The owner of two of San Francisco’s largest downtown hotels is stopping mortgage payments and going into foreclosure on the properties, stating that the city faces “major challenges” and that reducing exposure to the market is in the best interest of investors

Park Hotels & Resorts said Monday that it was stopping payment on a $725 million loan secured by the two hotels, the 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55.
The Hilton is San Francisco’s largest hotel, and Parc 55 is the fourth largest.
Thomas J. Baltimore Jr., CEO of the Virginia-based company, called the decision “very difficult, but necessary,” noting record-high downtown office vacancy, “concerns over street conditions,” and reduced convention business.

 

[lanpetuta]

“concerns over street conditions,”

I know what that means

You know what that means

Im honest about it

You arent

 

[lanpetuta]

To give you an idea of the priorities that California has, in the midst of San Francisco’s crisis the story regarding this disaster on KRON 4 News has this tidbit of a headline inserted:

“City going to hell, but drag queens doing great!” At least San Francisco will retain a profitable export should everything else collapse.

 

[lanpetuta]

The doom

Is self inflicted

Could have been avoided

Wont be

Narrative uber alles

 

[lanpetuta]

WAIT, WHAT? As Crime Rises, Newsom Is Naturally Under Pressure to Close More Prisons.

 

[snailspace]

Predictable

 

[PaxNurgle]

My name is lampetuta, doot-doot toot a-toot-a.

Yeah I'm lampetuta, doot-doot toot a-toot-a.

I'm lampetuta, yes that is me, I'm lampetua, that you can see.

My name's lampetuta, doot-doot toot a-toot-a

I may be hayeli, I may be annonnous

I may or may not know where your mom is

I may be menapis, and I may have been knoop

And I always come here to shit-post some poop,

but my name's lampetuta, doot-doot toot-a-toot-a.

My name's lampetuta, doot-doot toot-a-toot-a!

 

[HisArpy]

My name is lampetuta, doot-doot toot a-toot-a.

Yeah I'm lampetuta, doot-doot toot a-toot-a.

I'm lampetuta, yes that is me, I'm lampetua, that you can see.

My name's lampetuta, doot-doot toot a-toot-a

I may be hayeli, I may be annonnous

I may or may not know where your mom is

I may be menapis, and I may have been knoop

And I always come here to shit-post some poop,

but my name's lampetuta, doot-doot toot-a-toot-a.

My name's lampetuta, doot-doot toot-a-toot-a!

^ someone seems overwhelmingly interested in shit and shit posting for some reason.

 

[snailspace]

A serious issue that refuses to be discussed

 

[HisArpy]

A serious issue that refuses to be discussed

That's because the solution is obvious. Unless you're a democrat.

 

[Rightguide]

The only solution is the political destruction of the Democrat Party in California. Until that happens California is lost.

 

[ll74]

The only solution is the political destruction of the Democrat Party in California. Until that happens California is lost.

Actively rooting for the destruction of your political opposition is a good look for your BDS.

 

[Rightguide]

Actively rooting for the dose of your political opposition is a good look for your BDS.

What does that mean?

 

[ll74]

What does that mean?

Destruction. Phone autocorrected.

 

[Rightguide]

Actively rooting for the destruction of your political opposition is a good look for your BDS.

Bullshit. I'm not doing anything your side hasn't been doing for years. Your side is physically actually attacking the people and property of the country.

 

[ll74]

Bullshit. I'm not doing anything your side hasn't been doing for years. Your side is physically actually attacking the people and property of the country.

Why do I care that you're a hypocrite?

Either it's a bad thing to do or you just need to blame someone else for doing it to be ok with it. Pick one.

 

[SgtSpiderMan]

That's because the solution is obvious. Unless you're a democrat.

We can’t force people to return to working in office buildings.

 

[snailspace]

We can’t force people to return to working in office buildings.

Then why isnt this happening nation wide? You really believe that concerns over street conditions is covid related? You cant be serious!

 

[SgtSpiderMan]

Then why isnt this happening nation wide? You really believe that concerns over street conditions is covid related? You cant be serious!

It is happening nationwide.

 

[snailspace]

What is, Hotel owners walking away from the properties? Really? Care to show me.

 

[HisArpy]

The only solution is the political destruction of the Democrat Party in California. Until that happens California is lost.

I'd settle for a complete ground up remake of the D party from where it is now to a party which actually does what it says.

But the only way that happens is if the voters decide that enough is enough with the graft and crime and lies.

 

[SgtSpiderMan]

What is, Hotel owners walking away from the properties? Really? Care to show me.

Here you go.
https://finance.yahoo.com/news/10-us-cities-most-empty-190018128.html

https://www.thestreet.com/real-estate/which-cities-have-the-most-empty-offices

 

[PaxNurgle]

A serious issue that refuses to be discussed

Okay, I'll be serious here. I was trolling the OP with my post, since he is so well known for spamming the board with a million threads per day. Since his four previously active accounts now "Love Spam" (and like clockwork, he has already created two new ones) I guess we can now have a decent discussion here.

The problems facing San Francisco are many. A lot of people will simply chalk it up to "Liberals" or "Socialism" or whatever makes them comfortable, but of course it is way more complicated than that. Yes, poor city government and mismanagement is a part of it. Underfunded and overworked police, leading to insufficient (or sometimes, non-existent) enforcement of laws, and failed policy towards the homeless and mentally ill are known issues plaguing the city. But consider, a family of 4 living in most other parts of the country can bring in $60-70K a year and still live relatively comfortably. In San Francisco, that same family would be homeless earning that income. Rent and housing costs have pushed out the lower and middle class, escalating a growing class of "Working homeless" earning only enough to purchase meals but not enough to procure shelter.

Meanwhile, a growing number of people have decided to forego the long commute into the city, and the daily $6 bridge tolls, which I would assume have probably risen since I last drove across it- and work at home. Which leads to an increase in vacant office spaces and a decrease in foot-traffic commerce in the buisness districts downtown- which likewise has affected the city's economy. This has happened in many cities beyond just San Francisco.

 

[Rightguide]

I'd settle for a complete ground up remake of the D party from where it is now to a party which actually does what it says.

But the only way that happens is if the voters decide that enough is enough with the graft and crime and lies.

I don't know, they say a lot of scary stuff like gun confiscation, unemployment to illegal aliens, reparations for all black people, higher taxes, etc. That's why I moved away. They need to abide by the Constitution and have more respect for the hard-working taxpayer.

 

[snailspace]

THIRTY San Francisco hotels could stop paying loan payments as city struggles with spiking crime, rampant homelessness and brazen drug use​

• San Francisco may see more than two dozen more hotels default on their loans in the next two years as bills come due and revenues remain down
• Earlier this week, the company that owns the largest hotel in San Francisco announced it will stop payments on a $725million loan and cede ownership
• San Francisco is facing low tourism as the crime rate has spiked in the city and homeless is unrestrained