Major hotelier abandoning San Francisco properties, says city's 'path to recovery remains clouded'

[Zephyr]

San Francisco is finished!

Major hotelier abandoning San Francisco properties, says city's 'path to recovery remains clouded'

Park Hotels & Resorts says it has stopped making payments on a $725 million loan that secured two major San Francisco hotels and plans to shut them down.

www.foxbusiness.com

Park Hotels & Resorts Inc. announced this week that it stopped making payments on a $725 million loan that secured both its 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco properties and expects to remove them from its portfolio, citing several "major challenges" in the California city.