SFGate (June 6)
2023/ 06/ 06 by jd in Global News
“A billion dollar company that owned two substantial San Francisco hotels announced June 5 that it’s defaulting on its loan and releasing the hotels from its portfolio.” Park Hotels & Resorts “will immediately stop making payments toward a $725 million loan, slated to mature November 2023.” The REIT cited the “best interest” of its unitholders given “concerns over street conditions; lower return to office than peer cities; and a weaker than expected citywide convention calendar through 2027.”
Tags: $725 million loan, Defaulting, Hotels, Loan, Park Hotels & Resorts, Payments, Portfolio, REIT, Return to office, San Francisco, Street conditions, Unitholders
