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San Francisco Hilton in Financial District Defaults on Mortgage

via NBC
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

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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