Oh that sucks! My family went to that Hilton many many times over the years when I was a kid.
I stayed there about three years ago, its a dump, and the bed in the room in which we stayed, had a cross over the bed head.
Geez! Not surprising but I feel for that lender….more bank stress.
That hotel had been having some pretty good sales on its rates, precovid. Maybe it took a big hit like everywhere else during covid.
I don’t think too many tourists want to stay in downtown so not surprised
I did enjoy my brief stay there but prefer staying in suburbs with family until fewer break-ins on rental cars. It’s so sad that SF isn’t as fun to visit any more. It is a fascinating city.
I’ve attend large tech conferences in the past that filled the hotel in the middle of SF. If I recall, I preferred the Parc55, at the time.
Really a shame but SF is in need of major reform. So many things coming to a head. Was a world class city. Now many scratch their head and think, “Why would I go there?”
Had a conversation with a family member who lives in the bay area (whole life - 60+ yrs). Historically refuses to believe anything bad about SF or surrounding area. Just shut off to the possibility that the current issues or homelessness and street crime are a problem. Ironically I saw an interview with the CEO of Hyatt this morning on CNBC. He very specifically said that the SF market is trailing behind every other major market in terms of recovery. They operate several properties in SF so he should know. Also mentioned the convention business is so off relative to other markets. Said Event planners come out and agree that they don’t want to send their top people to SF anymore. That’s a major hit to city revenue and all those businesses that support conventions.
Whole Food recently closed their largest location in the city stating they no longer felt it was safe for their workers or customers as drug related street crime was spilling into the parking lot and the store. Of course my relative claims that’s totally overblown. I don’t think a major grocer would close their largest location if it wasn’t a problem.
I don’t have any answers but it seems to me the local (city and state) laws and lack of enforcement have come back to bite SF. Really a shame as I used to visit annually or semi annually for over 20 yrs. Now not interested in going back.
pre covid more and more trade shows were in SF. Post covid only one so far is going to be there. The homeless situation was not great, and now it seems to be worse. The city was so great at one point.
I’m from CA and I have really noticed that SF seems to be getting worse. I love that city and used to enjoy every visit there. So many wonderful things to see and do. What has happened and what can be done? This is so sad. Someone needs to come up with a plan to rescue it.
I know RSA was just in SF about a month ago. I assume we will have thee Salesforce one as well. It does seem like fewer and fewer conventions.
It should be interesting to see what the discount eventually is. Some of the office towers have gone for 70% off their peak valuations - so it might be even better than half price. I don’t see the hotel shuttering forever though - even though half of the country seems to think that SF looks the west coast set from Escape from NY.
The REIT had a $725 million dollar loan on these properties with a 4.1% interest rate and the note is due in full in November. Park Hotels & Resorts Ceases Payments on Two San Francisco Hotels. By taking the loss now, shareholders can split a $150-200 million dividend (see Two of S.F.'s largest hotels are given up by owner). This is a good business decision for shareholders, but I’m sure it’s scary for the employees - most of the people I know working there are just barely hanging on.
Wells Fargo is also the lender on the Hilton and Parc55 hotel properties.
Who would want to stay anywhere near that area! Drug addicts shooting up, defecating, and vomiting on the sidewalks. Homeless encampments taking over all the open space. NO THANK YOU! SF City government (and the state of California) need to figure out how to fix the problem. Hint: Throwing more money at the situation is not the answer.
…if they can still afford it. Fiscal reckoning is not far away.
I live just south of SF, 20 minutes from downtown. Downtown and the tourist areas are grubby and depressing, but not unsafe. It’s akin to a once bustling shopping mall that is turning into a dying mall, where half the stores are gone, customers are sparse, and the atmosphere is dreary.
I do think that the city needs a wholesale change of leadership, including the mayor, police chief, and Board of Stupidvisors, i.e., the city council. As Einstein supposedly said, you can’t expect the people who caused the problem to be the ones who will fix it. My ray of hope is that I was living in New York in the first half of the '90s, when the city was a mess like SF is now. He may have gone nutso since then, but when Rudy Giuliani became mayor, he did an incredible job cleaning up the city, and he did it quickly. SF needs someone like that, although nobody really comes to mind.
This is quite an exaggeration. 
