More Bleeding In The Hotel Industry

On today’s show we are talking about how the forecast bloodbath in hospitality is just getting started. Last month we saw two of San Francisco’s large hotels handing the keys back to the lender. The owner of the San Francisco Hilton and the Park 55 Hotel announced in June that it will immediately stop making payments toward a $725 million loan, slated to mature November 2023. These two hotels represent about 3,000 hotel rooms. The troubles in San Francisco have been widely covered in the mainstream news media. Locals and businesses have been leaving the city in droves. The troubles in SFO seem to be spreading North of the Golden Gate Bridge into Napa and Sonoma county.

Two recently opened Wine Country hotels face a potential $80 million foreclosure this month, according to public documents in Napa and Sonoma counties.

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Host: Victor Menasce

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