It's honestly too bad. Great city, I used to enjoy going there every year for conventions until the rot started to set in, I haven't gone in about 8-10 years now. Once you could see the inmates had started running the asylum, I noped the fuck out of going anymore.
lol, S(hitst)a(i)n Fransico's real estate market is collapsing.
The two hotels, as appraised in 2016 for the current loan, were worth a combined $1.56 billion. So it's a significant move that Park Hotels would walk away from debt that is less than half that amount — and as one analyst tells the Business Times, "it says that they are not optimistic that the business travel or convention and meetings business is going to return soon to downtown San Francisco."
..
Wells Fargo had purchased the tower in 2005 for $108 million. It is vacating the building. Last year, it listed it for $160 million, but then pulled the listing after receiving bids reportedly below $40 million. Earlier this year, it engaged real estate investment bank Eastdil Secured to relist the tower.
** And it has now made a deal – the name of the buyer has not been disclosed – for about $42.6 million to $46 million** ($120 to $130 per square foot), according to sources cited by the San Francisco Business Times. That would be 71% below the original asking price and nearly 60% below the purchase price in 2005.
Along those lines, there's this story from yesterday where an Afghan immigrant who came over in the 80s said that San Fran is now worse than he remembers Afghanistan being
A lot of modern business is done like that. More and more companies involved means more opportunities to skim a little money off and allows liabilities to be moved about. A simpler, smaller example is everyone contracting out cleaning services rather than having a janitorial staff.
I used to really enjoy staying at the Financial District Holiday Inn when I visited SF. Decent rates, great outdoor pool (at least when it got near 80 F.), decent breakfast in the coffee shop right next to a newsstand.
Man, I had some good times in SF back in the late 90's/early 2000s.
I suspect the experience might be a bit different now,.
So the smart money knows that San Francisco is done.
We all knew it was gonna happen eventually.
It's honestly too bad. Great city, I used to enjoy going there every year for conventions until the rot started to set in, I haven't gone in about 8-10 years now. Once you could see the inmates had started running the asylum, I noped the fuck out of going anymore.
lol, S(hitst)a(i)n Fransico's real estate market is collapsing.
..
What? They couldn't get a deal from the feds to house illegals?
First the city has to funnel to property to Blackrock for cheap. THEN they'll make a deal for excessive payments to house illegals.
Along those lines, there's this story from yesterday where an Afghan immigrant who came over in the 80s said that San Fran is now worse than he remembers Afghanistan being
I didn't realize that Hilton hotels weren't owned by Hilton.
A lot of modern business is done like that. More and more companies involved means more opportunities to skim a little money off and allows liabilities to be moved about. A simpler, smaller example is everyone contracting out cleaning services rather than having a janitorial staff.
I used to really enjoy staying at the Financial District Holiday Inn when I visited SF. Decent rates, great outdoor pool (at least when it got near 80 F.), decent breakfast in the coffee shop right next to a newsstand.
Man, I had some good times in SF back in the late 90's/early 2000s.
I suspect the experience might be a bit different now,.