San Francisco hospitality is on death's door. The SF Hilton Union Square owner (Park Hotels and Resorts) had to turn the note over to the bank and walk away fro

San Francisco hospitality is on death's door. The SF Hilton Union Square owner (Park Hotels and Resorts) had to turn the note over to the bank and walk away from a $750 million loan due to they aren't able to make interest payments. They limped along during the pandemic due to there were funds to house certain people. Now that area there aren't that many visitors. For nearly all SF hotels the "revenue per available room" (RevPAR) is terrible. The commercial real estate vacancy is also high, about 34%. Before the pandemic, Hilton in an area like SF their business model was 80% business travelers. That obviously changed for the entire industry, but in SF the homeless right in front of hotels injecting/smoking hard drugs and defecating in public are a huge hospitality buzzkill. What customers remain have to absorb the increased costs.