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Crisis approaches as loans mature and tourism rebound lags. JUN 9, 2023, 3:43 PMBy Pawan Naidu San Francisco hotels are approaching a debt crisis as many properties struggle to meet their loan service payments and higher interest rates make refinancing too expensive. According to a report by Trepp, 89 percent of lodging CMBS loans in the city have…
Arnault’s LVMH Says It Appears To Lack Votes for Cheval Blanc Hotel Construction Outside Los Angeles By Jack WitthausCoStar News May 30, 2023 | 1:38 P.M. A proposed luxury hotel appears to have been shot down by voters in Beverly Hills, California, after voters concerned about development and unions prevailed against the world’s richest person in…
This is part of San Manuel’s diversification away from its legacy business, the Yaamava’ Resort & Casino at San Manuel. By JONATHAN LANSNER | jlansner@scng.com | Orange County RegisterPUBLISHED: June 5, 2023 at 10:23 a.m. | UPDATED: June 5, 2023 at 6:00 p.m. The San Manuel Band of Mission Indians, owners of the Yaamava’ casino and hotel in Highland, are gambling on…
By Alex Barreira – Staff Reporter, San Francisco Business TimesJun 5, 2023 Updated Jun 5, 2023, 5:25pm PDT The expected ownership change of the Hilton San Francisco Union Square and Parc 55 hotels could play a significant role in shifting local hotel market dynamics for the near term, arriving on the heels of several other debt-impacted hotel dispositions. The expression…
By: Roland Li | June 7, 2023 Park Hotels & Resorts’ plan to surrender ownership of two of San Francisco’s biggest hotels reflects the city’s slow tourism recovery and the widening financial distress hitting local property owners. The company plans to give up nearly 3,000 hotel rooms in the Hilton San Francisco Union Square and Parc 55 properties. Its…
Park Hotels and Resorts has ceased payments on a $725m loan on its San Francisco properties, including the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco. The company is expected to give the two hotels back to its lender. The decision is a major disinvestment for the city’s hospitality market,…
Tribe behind Yaamava’ Casino owns 40% of Waldorf Astoria Monarch Beach Resort JUN 7, 2023, 11:30 AM | By TRD Staff An Indian tribe in the Inland Empire has bought a major stake in the Waldorf Astoria Monarch Beach Resort & Club in Dana Point. The San Manuel Band of Mission Indians, owners of the…
If Approved, LVMH’s Proposed Cheval Blanc Hotel Would Attract Guests With Rodeo Drive Site, Analyst Says By Jack WitthausCoStar NewsMay 19, 2023 | 3:49 P.M. A proposed luxury hotel in affluent Beverly Hills, California, would attempt to lure guests to an area that’s considered underserved for hospitality — as long as residents vote to support the…
Written by Kevin TruongUpdated at Jun. 05, 2023 • 12:36pmPublished Jun. 05, 2023 • 12:07pm Park Hotels and Resorts, a Virginia-based real estate investment firm, said Monday that it had stopped paying back a $725 million loan on its main San Francisco properties and is likely to give two of the largest hotels in the city back to its lender….
Park Hotels and Resorts will cease servicing $725M debt in “best interest” of investors JUN 5, 2023, 5:39 PMBy Pawan Naidu Park Hotels and Resorts announced it will cease making payments toward a $725 million non-recourse CMBS loan which is scheduled to mature in November 2023. The loan was secured by two of its San Francisco…
Recovery in San Jose badly trails other Western cities By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News GroupPUBLISHED: May 22, 2023 at 5:30 a.m. | UPDATED: May 22, 2023 at 3:50 p.m. The Bay Area’s hotel industry is still struggling to rebound from coronavirus-linked shutdowns, even as the lodging sector outside the region has flourished. And not everyone is in agreement…
Opinions Vary on Impact of Banks Collapsing PACE Financing an Opportunity for Some LOS ANGELES — The state of the financial markets and lending have been hot-button topics in the hospitality industry after three regional U.S. banks collapsed over the past three months. Lenders and hospitality executives at the 2023 Meet the Money national hotel…
Atlas Hospitality Group, which specializes in the sale of California hotels, was founded by Alan X. Reay in 1997. Since its inception, Atlas has sold more hotels in the state than any other brokerage firm.