Park Hotels & Resorts Inc. Announces Cessation of Payment on $725 Million Non-Recourse CMBS Loan Secured By Two of Its San Francisco Hotels

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by scott_jr

Welp .. another crack in the commercial real estate industry that’s only going to get worse in the near future.

Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE:PK) today announced that, starting in June, it ceased making payments toward the $725 million non-recourse CMBS loan which is scheduled to mature in November 2023, and is secured by two of its San Francisco hotels—the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco.

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https://www.globenewswire.com/news-release/2023/06/05/2681764/0/en/Park-Hotels-Resorts-Inc-Announces-Cessation-of-Payment-on-725-Million-Non-Recourse-CMBS-Loan-Secured-By-Two-of-Its-San-Francisco-Hotels.html