San Francisco’s Flagship Hotels Face Default as Tech Exodus Batters City’s Tourism

Park Hotels & Resorts has defaulted on a $725 million loan for two major San Francisco hotels due to remote work and "street conditions."
Thirteen downtown San Francisco properties valued at $3.3 billion are in financial crisis, with missed loan payments and defaults that could result in banks seizing buildings.
The Park Hotels & Resorts CEO plans to give up ownership of the Hilton San Francisco Union Square and Parc 55 hotels.
Hotel loan delinquencies have been falling nationwide but remote work and tech company exits have hit San Francisco's downtown hard.
The annual tax losses from the crisis could reach $200 million, and the hard times may last up to five years.