Park Hotels & Resorts, one of the nation's largest hotel real estate investment trusts, is pulling out of two hotels in downtown San Francisco, blaming the city's 'clouded' future.
June 7, 2023 / 1:21 PMPark Hotels & Resorts, one of the nation's largest hotel real estate investment trusts, is pulling out of two hotels in downtown San Francisco, saying it lacks confidence in the city's ability to overcome"major challenges."
Both hotels are located near the Moscone Center, a conference venue that prior to the pandemic drew throngs of professionals to the area. San Francisco hasn't fully recovered since COVID-19 shut down the economy in 2020, with many office buildings still largely empty as workers continue to work remotely. A rash of thefts last year and rising homelessness have caused some retailers toThomas J. Baltimore, Jr.
Both properties are expected to be removed from Park Hotels' portfolio, which includes 46 hotels and resorts with more than 29,000 rooms. Prior to the pandemic, San Francisco was a magnet for business travel. But since the crisis, event bookings have slowed and foot traffic has receded.
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