Park Hotels & Resorts stopped making payments on a $725 million loan secured by two San Francisco hotels this week. The loan is due in November, and dozens of other hotels in the crime-ridden metro area could experience a similar fate.
The owner of two of the biggest hotels in the city is bailing out, and he is citing the same reasons that so many other businesses have in recent months.
Emmy Hise, senior director of hospitality analytics at CoStar, provided San Francisco Chronicle with a reality check that San Francisco hotels, at least 30, are facing loans due in the next two years.
A debt maturity wall for the hotel industry is ahead as the Marxist shit (covered) city implodes under progressive leadership whose social justice policies have royally backfired, sparking a crime wave that has forced businesses to shutter doors and people to exit the city.
The city of San Francisco used to pride itself on the number of business conventions that were held there each year and it was great for all of the hotels in the city too.
Not so much anymore. To make matters worse, the city just spent millions on an ad campaign meant to try to save tourism:
