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Park 55 and the Hilton, owned by Park Resorts which owns a bunch of hotels in SF, are shutting down on a quick sale. The CEO was in SF and said that SF propert
by samstave 3y ago
Park 55 and the Hilton, owned by Park Resorts which owns a bunch of hotels in SF, are shutting down on a quick sale.
The CEO was in SF and said that SF properties have lost as much as 52% of business, where NYC (where they own a bunch of properties as well) will lose ~2-4% of bookings business...
He stated that after evaling SF - he said it will be back to normal after FIVE TO SEVEN YEARS. Maybe longer.
So, SF - is going to be a billionaire realestate cluster as hedgies swoop in for depressed prices.
- sagarm 3y agoI'm unclear on what the problem is here. People with lots of capital owning real estate seems like the status quo.
- samstave 3y agoNo, I am talking about the near-term viability of the San Francisco tech/commercial/residential space - where hotels with ~1,000 rooms are being fire-sold because the hedgies are losing ~52% of their bookings [0] So, the overall "slurped up" (as opposed to 'trickle-down') economy is really weak currently, and they are not seeing a positive return for a while, thus - Market street is going to suffer. Let make Zuck and Ellison and Benioff (the largest land owners in Hawaii) convert/rebuild Lahaina - but provide some housing in SF for refugees... :-) https://www.cbsnews.com/news/park-hotels-leaving-san-francisco-clouded-recovery/ https://www.cbsnews.com/news/park-hotels-leaving-san-francis...