[ April 18, 2024 ]
The Democrats have destroyed this once jewel of a city. And the chief villain in the California debacle, Governor Gavin Newsom, is the Democrat party’s golden boy with the White House in their sights.
National Review: 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.
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.
Story continues below advertisementThe 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.
“After much thought and consideration, we believe it is in the best interest for Park’s stockholders to materially reduce our current exposure to the San Francisco market,” Baltimore said in a prepared statement. “Now more than ever, we believe San Francisco’s path to recovery remains clouded and elongated by major challenges – both old and new.”
Daily Mail: In 2019, Hilton San Francisco Union Square and Parc 55 earned $175.4 million and $95 million in room revenue, respectively. But by 2022, those figures fell to less than $30 million each, according to The San Francisco Standard. Park Hotels now estimates that it will save over $200 million in capital expenditures over the next five years just by offloading the properties and could even offer special dividends to shareholders of $150 to $175 million
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14 Comments
10 months ago
Newsom was once the mayor of what Michael Savage has long called “San Fran-sicko” and “San Fran-psycho.” During his term in office, Savage referred to him as “Any-Twosome Newsom” because of his support of, ahem, “alternative lifestyles.”
D
10 months ago
Reply to
From a Remote Location
Before I left California, I worried about what would happen if/when the San Francisco politicians ever took over leadership of the whole state….now we know. Don’t forget, the “border” helped expedite this process. And now the “border” is doing to the whole country what it did to California….and probably worse.
10 months ago
I’ll bet Thomas Baltimore (?) voted for the pedo liar in chief.
10 months ago
Many big businesses are leaving the progressive, commie, demon run cities, due to the crime and the filthy conditions of the city.
10 months ago
Reply to
Snowedin
If only they did not take with them the stupid ideas that led to demise of those cities…
D
10 months ago
Can’t wait for all of calimexistan to go into bankruptcy!!!
D
10 months ago
Two more hotels for the democRATS to fill up with their precious ILLEGAL ALIEN INVADERS….
10 months ago
I lived in San Francisco for most of the 1980s and half of the 90s, my wife worked at Parc 55 before it was called Parc 55 it was called Ramada. It was a special time and City in my life and I will always leave a part of my heart there though I left in 1995 and I was last there about 15 years ago for a few days and the Tents were all over the place, and I now see what has become of it and it truly breaks my heart.
10 months ago
Rich people think they can give campaign contributions to left wing vermin and get away with it. They can’t.
10 months ago
Liberals destroy civilization and humanity. Have a pleasant day
10 months ago
There is approximately 2% conservatives in California. I say move them out and make California a Sanctuary state. Send all the illegals to that state and change the name to: South of the Border.
10 months ago
i CANT understand how could it be that californians accept this insane illiterate
