Bay Area/ San Francisco/ Real Estate & Development
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Published on June 05, 2023
Hilton San Francisco Union Square and Parc 55 Hotels Handed Over to Lender as Owner Bails Out of SF Market

San Francisco's hospitality industry takes a hit as Park Hotels & Resorts ceases payments on a $725 million loan, relinquishing 2,900 hotel rooms, including the city's largest hotel, Hilton San Francisco Union Square, and Parc 55. The investment firm cites the stalled recovery of San Francisco's convention market, record-high office vacancy, and other challenges as reasons for reducing exposure to the city. The move suggests pessimism about the return of business travel and meetings to downtown San Francisco, further impacting the local market and hinting at a potential decline in room rates. Continue reading on SFist →

Photo via Trip Advisor/Hilton