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 (April 26)
The Saudi Stock Exchange, known as the Tadawul, has “sped up its transaction cycle and introduced new trade options in a bid at international capital.” It has adopted the T+2 settlements now common in Europe. (The U.S. still takes three days to settle transactions, but is scheduled to adopt T+2 this September). Tadawul also “introduced securities borrowing and lending as well as covered short selling.” Currently ranked #23, the Tadawul hopes moves like these and the launch of a REIT market will help it attract more investment.
Tags: Europe, Options, REIT, Saudi Arabia, Securities, Settlements, T+2, Tadawul, Transaction cycle, U.S.
