San Francisco’s glitzy hotels have been plunged into massive debt following a dramatic drop off in tourism to the Golden Gate City.
The Californian city’s two biggest hotels, the Hilton Parc 55 and Hilton San Francisco Union Square, have lost a combined $1billion in value, according to the Kroll Bond Rating Agency.
Their worth is now $553.8 million.
Meanwhile, the delinquency rate among commercial mortgage-backed security loans for the sector jumped to 41.6 percent in June from 5.7 percent the same time last year, according to data from real estate analytics firm Trepp.
It comes as San Francisco’s tourism industry struggles to recover to its pre-pandemic levels, while other parts of the country bounce back.
Perhaps if the city offered free shoe covers…
Oh nonsense ! The city is healthy and vibrant! Mayor London Breed has “rescued” the downtown with her “Vacant to Vibrant” program started last year. A “vibrant” array of “artists”, edgy donut shops, gay paraphernalia stores, and restaurants I wouldn’t risk …
https://www.vibrantsf.org/all-popups
Here’s an idea! Why doesn’t the city start offering Free Lodging for tourists will to RISK walking the deserted, drugged-up, dangerous, fecal covered streets of San Francisco?
Not to worry … I’m sure these rag tag “artists” will replace the taxes paid by all those ewwwwww … greedy, capitalist, corporations. Unh huh … ah … yeahhhh … Goodbye FREE RIDE SF. Now your ONLY HOPE is Kamelala Executive Ordering a Federal Bailout … ala … all the ridiculous COVID bailouts.
In Toronto it looks like they cleaned up most of the homeless people and the downtown is full of people. No encampments under the Gardner Expressway. Only a few vagrants walking around and leaving everyone alone. It was a refreshing change. Someone learned a lesson I think.
And they went where?
If past experiences are anything to go by, many of the homeless, when evicted from the street, go off and find proper shelter.
Hahaha ha ha ha … yeah … the degenerate druggies all moved into shelters and happily followed all their rules and curfews. Hahaha ha ha ha ha …
Not a chance.
You’re kidding right..??
..or permanently Delusional
I don’t know where they went but they aren’t under the Gardner Overpass. Last year there were dozens of tents lined along the boulevard with homeless beggars mulling around the intersections. Yesterday and this morning – not a one. No announcements. Nothing in the media. Just no homeless. You would think someone would take credit for it. Weird.
Why don’t they fill those hotel rooms up with refugees and migrants like we do here?
Maybe Captain hair-due will send the more TAX$$$
How many major cities that have been ruined by bad management (Detroit, Baltimore, Camden, etc.) have ever fully bounced back? Not a lot, I think. Once the productive people have been driven out, there’s few left with the common sense to vote in competent politicians. It becomes a self-perpetuating Ayn Randish nightmare.
Faster please.
We don’t need an earthquake when they’re self-imploding.