San Frans largest Hilton Hotel complex drops $1 Billion in value - almost worthless
1 day ago
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The complex consisting of the Hilton San Francisco Union Square and Parc 55 hotels has seen its value drop by $1 billion, the San Francisco Business Times reported Monday, citing a note from real estate data firm Trepp.
Additionally, a Moody’s Ratings report obtained by Hotel Dive was not kind, downgrading the complex’s bond classes “as a result of the properties’ continued underperformance.” Originally class A, the bonds have since fallen five levels to Baa1.
It’s the latest hit for a market that’s already generated negative headlines in recent months. The bond class downgrades stem not only from the hotels’ underperformance, but also “continued weak fundamentals of the San Francisco downtown hotel market.”
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