BLUE CITY BLUES: Hotel Owners Start to Write Off San Francisco as Business Nosedives.https://instapundit.com/589307/Hotel owners in New York and Los Angeles are filling nearly as many rooms this year as they did in 2019, according to hotel-data firm STR. Their revenue per available room exceeds what it was before the pandemic.
But in San Francisco, hotels are still struggling badly in both occupancy and room rates compared with before the pandemic. Revenue per available room was nearly 23% lower in April compared with the same month in 2019.
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Now, a growing number of San Francisco hoteliers are signaling they may be ready to give up. In recent months, the owner of the city’s Huntington Hotel sold the property after facing foreclosure and the Yotel San Francisco hotel sold in a foreclosure auction. Club Quarters San Francisco, which has been in default on its loan since 2020, may also be headed to foreclosure, according to data company Trepp.
The article quoted in this blogpost is in TWSJ, behind its paywall (or give-me-your-email wall). Given that it is vertical, like SF, and also has a DA that is turning criminal predators loose, I wonder if NYC will soon also start nosediving.
