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San Francisco Hilton in Financial District Defaults on Mortgage

via NBC
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The Hilton Financial District in San Francisco has defaulted on a $97 million loan, reflecting ongoing challenges in the city’s retail and tourism sectors.

The hotel reported a revenue decline and net operating loss in the third quarter of 2023, and the 2024 convention calendar is lighter than in 2023, impacting big business-oriented hotels.

“Retail flight from the city began in earnest in late 2021, when mass looting hit Union Square, triggering a national phenomenon but also reinforcing a sense of despair about the state of downtown San Francisco,” one report noted.

San Francisco has experienced a slow post-pandemic recovery and is facing a significant deficit, with retail flight and issues like homelessness, drug abuse, and crime contributing to the city’s challenges.

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