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.
Hilton hotel in San Francisco defaults on its mortgage as 544-room facility where a nights stay cost $166 misses $97million loan payments in growing 'doom loop' for liberal city
The Hilton Financial District reported $11.1 million in revenue in the third quarter of 2023,… pic.twitter.com/VOJY0TL9wW
— News News News (@NewsNew97351204) January 14, 2024
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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