By Bob Walsh
Washington Trust is acting for the lenders of a $275
million mortgage on the S.F. Hilton Union Square and the 55 Park Hotel
in San Francisco and is suing Park Hotels and Resorts of Virginia in
order to place the two hotels in receivership. The operators have
stopped paying their mortgage.
The
HIlton has 1,921 rooms and is the largest hotel in the city. The 55
Park has 1,024 rooms and is #4 in size. Both shut down for the plague
and reopened about 2 1/2 years ago.
Earlier
this month the largest shopping mall in S.F. came under new management
when the old owner stopped making mortgage payments. There is about
$558 million outstanding on this property. The market street mall is
about 50% occupied right now.
The
Asia-Pacific Economic Cooperation Summit is due to hit SF next month
and should bring 20,000 visitors, and about 5,000 hookers.
No comments:
Post a Comment