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AFMadness
Inland Empire, CA
264 blogs/5900 comments
since Aug 17 2009

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Adios to the Hilton Union Square and Parc 55
Jun 6 2023 10:20AM more by AFMadness
Tags: Orange County, Current Events (All tags)

Well, the owner is walking away from their debt obligations, essentially giving the properties to the bank.

"Virginia-based REIT Park Hotels & Resorts has opted to cease payments on a $725 million loan... essentially surrendering over 2,900 hotel rooms and hospitality facilities to its lender. This includes the 1,921-room Hilton San Francisco Union Square, which is San Francisco's largest hotel, occupying an entire city block, and one of the country's largest hotels outside of Las Vegas. Park Hotels & Resorts is also giving up on the 1,024-room Parc 55..."

Reasons? ..."citing the continued debt burden of the two hotels on its portfolio, and multiple factors that have made the SF market less desirable for their business."

Those factors? ... "we believe San Francisco's path to recovery remains clouded and elongated by major challenges, both old and new: record high office vacancy; concerns over street conditions; lower return to office than peer cities; and a weaker than expected citywide convention calendar through 2027 that will negatively impact business and leisure demand."

Hit the bankers right where it counts.
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Attached Links
Surrendering It to Lender
      
There are 20 comments on this blog.
Eulogy
OC, CA
156 blogs/1900 comments
since Oct 18 2022

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Jun 6 2023 10:48AM     link to this

Libitwat run cities are đź’©.

If they have their way all of America will look like San Francisco, Portland, Seattle, etc. etc

Cue Hey1 explaining how this is republicans fault

Cue MA1 love of San Francisco cock buffet
InsearchofStarfish
Santa Ana, OC, CA
741 blogs/13135 comments
since Nov 17 2008

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Jun 6 2023 01:35PM     link to this

it's fucking criminal

Grumpy_Butthead
NM
2174 blogs/22728 comments
since Jan 30 2016

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Jun 6 2023 01:53PM     link to this

Shit happens
InsearchofStarfish
Santa Ana, OC, CA
741 blogs/13135 comments
since Nov 17 2008

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Jun 6 2023 02:02PM     link to this

the covid thing definitely killed value with people not needing office to work


but the crime and homeless situation in front of these restaurants and businesses is bullshit and being done on purpose.

so no...shit don't just happen...it's kinda planned



LisaBailey2.0
Tustin, OC, CA
Lake Forest, OC, CA Today!
123 blogs/94 comments
since Dec 30 2021

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Jun 6 2023 02:28PM     link to this

I was recently in SF, last March, its was BAD. I saw a man beat a girl, broad daylight, middle of the street and nobody batted an eyelash. The squalor that is now downtown SF, it is criminal. I don't care left, right, middle - its dangerous and totally devastating the people and communities of this state's most beautiful cities. SF was my absolute favorite, all the history, art, creativity, people - and these politicians can't do the job.

We can't put all the addicts in jail but this cannot be allowed to go on. Someone whose paid grade is above mine, needs to do whatever is for the better of all not just themselves.

When I lived in WeHo, Sunset Blvd was so bad my son got in the middle of and broke up a homeless fight. We all know how that could have ended. Who owns the streets? The people or some people? Last time I looked it is the job, of ultimately the Governor, to keep people safe while outside. I want a plan that makes sense for more than 10 housed and a bill of 10B.

I feel like no one lives in reality. No one has the RIGHT to live in the street. Period. It is unsafe, unsanitary, etc. Solely from a health perspective. The fact that we let it go on without anyone who had a plan. Still no plan.

They all need to be fired. Every last one.

God Save San Francisco ❤️
LaurenReign3
San Francisco, Bay Area, CA
3 blogs/16 comments
since Dec 29 2021

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Jun 6 2023 04:38PM     link to this

What would they turn it into if not the Hilton. The only thing nice on that block is inside the hotel. The outer parts are well let’s just say less desirable. However I love the the bay and work there often. If the rooms and parking and deposit weren’t 400 every night I bet they would fill that property easy nightly. If they can’t afford to keep a restaurant open or whatever else is there then they should have it open, even though I think that would hardly make a dent. I wonder who will take those over. Marriot possibly or Hyatt. Or it will remain a Hilton just under new ownership…,?
remo_williams
Irvine, OC, CA
16 blogs/1133 comments
since Feb 14 2006

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Jun 6 2023 04:52PM     link to this

It's my understanding that Moodies downgraded them, due (in part) due to worsining LTV ratios.

No worries, owner might walk away, but the note holder (wells) still owns the property, what they decide to do with it, well that's the question.

Banks process paper, that's really where they make their money - they aren't in business to do anything other than conform to the federal regulators.

As banks aren' in business to run businesses that creditors default on, they will review their options & see whom they can sell (repackage the paper) to & sell it to them.

Hell, I'm not a betting man, but perhaps they will sell it to Salesforce, their 'new' headquarters is what, a mile away?
GoBallsDeep
Fullerton, OC, CA
152 blogs/11237 comments
since Dec 12 2019

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Jun 6 2023 07:44PM     link to this

"We can't put all the addicts in jail but this cannot be allowed to go on."

Why not?
Keep them there long enough to get clean, then bus them to Quartzite.
GoBallsDeep
Fullerton, OC, CA
152 blogs/11237 comments
since Dec 12 2019

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Jun 6 2023 07:47PM     link to this

Isn't the Salesforce building out for sub-lease?

Newsome leaves a trail of desolation wherever he goes.
LisaBailey2.0
Tustin, OC, CA
Lake Forest, OC, CA Today!
123 blogs/94 comments
since Dec 30 2021

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Jun 6 2023 11:30PM     link to this

We need Mental Hospitals. Reagan kinda threw the baby out with the bathwater on that one. did the closing of all the mental hospitals is that when all the homeless problem started?
DrBoogie
El Monte, SGV, LA, CA
0 blogs/1057 comments
since May 31 2018

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Jun 7 2023 03:09AM     link to this

SF is now 3rd world. And things will get a lot worse before they get better.
It seems the Lib Dems want to turn this country into a 3rd world country.
The people and businesses are voting with their feet and leaving CA.
With the continual inflow of illegals from the southern border, it won't be long before LA will be moving in the same direction as SF.
DrBoogie
El Monte, SGV, LA, CA
0 blogs/1057 comments
since May 31 2018

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Jun 7 2023 03:24AM     link to this

@LisaBailey2.0, CA also changed the law regarding the mentally ill. They can only be institutionalized if they are a threat to themselves or others. Being a nuisance does not
qualify. Also they cannot be forced to take their medication. How do I know this?
My sister has to take care of a mentally ill brother because she doesn't want him to
die in the streets.
And at this point, the police won't do anything unless the person tries to commit suicide
or assault others. If the person is out of control, they will tell you to call mental health.
LngbdSR
Huntington Beach, OC, CA
3 blogs/385 comments
since Feb 7 2023

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Jun 7 2023 08:06AM     link to this

The vicious cycle of mental health needs, incarceration and homelessness

“Ronald Reagan and Jerry Brown, led the state during two of the most well intended but poorly executed movements in this state’s history. The first was the de-institutionalization of the mentally ill. The second resulted in fewer prison inmates, and significant increases in homelessness and untreated mental illness”
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tacobender
City of San Diego, San Diego, CA
2 blogs/32 comments
since Nov 22 2013

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Jun 7 2023 09:27AM     link to this

@Lisa Bailey well stated!
lapierre
Seal/Sunset Beach, OC, CA
26 blogs/872 comments
since May 6 2009

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Jun 7 2023 11:10AM     link to this

sometimes payments are stopped to make a sign to negotiate terms.
lapierre
Seal/Sunset Beach, OC, CA
26 blogs/872 comments
since May 6 2009

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Jun 7 2023 11:24AM     link to this

btw silicon valley real estate housing prizes have decreased over 10% in the past 12 months compared to Orlando Florida where market has increased over 20% same period.

its telling where people are choosing to live.
yellowB2
Mission Viejo, OC, CA
14 blogs/1909 comments
since Sep 21 2016

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Jun 7 2023 04:13PM     link to this

Instead of fixing the problem, the libs in charge will use taxpayer money to take these hotels by eminent domain, fill them up with homeless, and then refill the surrounding streets with even more mentally ill and homeless as the city sinks further into the abyss.
jazz51
Laguna Hills/Woods, OC, CA
258 blogs/12871 comments
since Sep 24 2008

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Jun 7 2023 04:16PM     link to this

Yes, California schools have more and more money thrown at them and the scores continue to spiral down. Money does NOT solve problems.
GaijinTony
San Diego, CA
0 blogs/326 comments
since Apr 25 2020

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Jun 10 2023 08:38AM     link to this

"We need Mental Hospitals. Reagan kinda threw the baby out with the bathwater on that one. "

Google "Lanterman-Petris-Short", it was a bipartisan effort. I know it's fashionable to blame Republicans for everything but in this case he actually signed a bill that the majority of the Democrats supported at the time.

GT
sherkahn
Diamond Bar, SGV, LA, CA
Pomona, Inland Empire, CA Today!
1113 blogs/5529 comments
since Apr 27 2008

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Jun 10 2023 10:47AM     link to this

You do a good job of qualifying for mentally ill, Yellow.

You meet the quota just fine.
There are 20 comments on this blog.