Another Corporation Ditches San Francisco Over City's 'Major Challenges'
Ben Wilson
June 6, 2023
Two of the largest hotels in San Francisco are set to close, following a trend of businesses fleeing the Democrat-led city as it faces a surge in crime.
The owner of the city's largest hotel, the Hilton San Francisco Union Square, and its fourth-largest, Parc 55, will cease payments on $725 million worth of loans and enter foreclosure on the hotels because the city is facing "major challenges."
The decision was "very difficult, but necessary" because of "concerns over street conditions," office vacancies, and reduced conventions, said Thomas J. Baltimore Jr., CEO of Park Hotels & Resorts, which owns the two hotels.
"Now more than ever, we believe San Francisco’s path to recovery remains clouded and elongated by major challenges, both old and new," Baltimore said.
https://freebeacon.com/democrats/another-corporation-ditches-san-francisco-over-citys-major-challenges/
