The San Francisco hotel industry takes a hit when Park Hotels & Resorts defaults on a $725 million loan and is giving up 2,900 hotel rooms, including the city’s largest hotel, the Hilton San Francisco Union Square, and the Parc 55. The investment firm attributes San Francisco’s stalled recovery to Francisco’s convention market, record-breaking office vacancies and other challenges as reasons for reducing exposure to the city. The move suggests pessimism about the return of business travel and meetings to downtown San Francisco, further impacting the local market and hinting at a possible drop in room rates. Continue reading on SFist →
Photo via Trip Advisor/Hilton
