"After much thought and consideration, we believe it is in the best interest for Park's stockholders to materially reduce our current exposure to the San Francisco market. Baltimore, Jr., Chairman and Chief Executive Officer of Park. "This past week we made the very difficult, but necessary decision to stop debt service payments on our San Francisco CMBS loan," commented Thomas J.
Park Hotels & Resort's statement says, in part: While the timing of this may appear less than ideal, we fully expect new ownership to come forth." It is not uncommon for hotel ownership to change. They are more vital than ever as we approach the summer high tourist season with a continuing increase in inbound visitors. "The Hilton Union Square and the Parc 55 are open for business and will stay open for business.
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Here's the full statement from President and CEO Alex Bastian: The SF Hotel Council said in a statement that the hotels will stay open for business. That starts with fully funding my budget to build back police staffing and expand street cleaning, changing our business taxes to help stabilize existing businesses and recruit new ones, and aggressively implementing my Roadmap to Downtown San Francisco's Future."
Still, we know there is a lot of work ahead of us and we will continue to focus on our economic recovery.
"These kinds of ownerships changes do happen, but these hotels will remain open and operating and the workers will continue to be employed.
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