by Simian_Stacker
The vaporization of value from CRE in Democrat-Bolshevik malgoverned cities is going to take down countless regional banks when lenders have to take back those properties.
via dailymail.co.uk:
Convention bookers are choosing cities such as Las Vegas for events rather than San Francisco due to the crime and homelessness that are rife in the City by the Bay.
That is one of the main reasons that the city’s lodging industry continues to struggle in the wake of the Covid-19 pandemic with revenue close to 23 percent lower per available room than it was in 2019, reports the Wall Street Journal.
The Journal’s report mentions that Yotel San Francisco hotel was sold at a foreclosure auction while in the face of foreclosure, the owners of the Huntington Hotel also sold up. Club Quarters San Francisco could also go the same way having been defaulting on its loan since 2020.
Data company CoStar said that over 20 hotels in San Francisco have loans due by 2025. The hotels or the exact amount that they owe has not been made public.
Tom Baltimore, the chairman and CEO for Park Hotels and Resorts, told WSJ that San Francisco’s ‘path to recovery remains clouded and elongated by major challenges – both old and new.’