The city has not been able to pull out of its post-pandemic slump.
The company walked away from its $725 million loan and surrendered the hotels to its lender.
More hotels might follow suit and drop the city. Facing an impending foreclosure, the owner of Huntington Hotel sold its property. Yotel San Francisco was also sold in a foreclosure auction, and Club Quarters San Francisco—which has been in default on its loan since 2020—could also face foreclosure,reported citing data company Trepp. Additionally, over 20 other hotels in the city are facing loans due in the next two years, according to data company CoStar.
The hotel industry slump has been attributed to factors like lower convention bookings, quality of life issues, and tech employees being able to work from home. “The recovery will be slow,” Jan Freitag, national director for hospitality analytics at CoStar, told. “I think if you are a CEO or the meeting planner who recommends to the CEO, it’s very easy to say, ‘Let’s just wait on San Francisco for another year.
But hotels aren’t the only signs of the city’s struggle. Nineteen retailers have left the city’s Union Square area since 2020,
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