San Francisco's Largest Hotel Surrendered to Lender After Loan Default
Park Hotels & Resorts, a billion-dollar real estate investment trust, has defaulted on a $725 million loan for the Hilton San Francisco Union Square and Parc 55 hotels in downtown San Francisco. The hotels will be released from the company's portfolio, but will remain open and under the management of Hilton Hotels & Resorts. The default was due to the loan becoming a burden on the company's operating results and balance sheet, and issues with San Francisco's recovery following the pandemic. The hotels are expected to be sold to new ownership.