SFGate (June 6)
“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
Institutional Investor (December)
The Mandarin Oriental Tokyo was named the world’s best hotel by Institutional Investor. The Mandarin received a score of 98.7, beating out competitors such as the Peninsula Beijing (94.1) and the Ritz Carlton Central Park New York (92.3). The results are based on the responses of senior finance executives from 35 countries who averaged 52 nights on the road in the previous year.
