New in PJ Media:
Not too long ago, San Francisco was still a remarkably beautiful city, although even then it could change on a dime. One could be in the midst of a leisurely stroll down a gorgeous street filled with chic cafes, turn a corner, and find oneself without warning in the middle of a large crowd of menacing homeless drug addicts. Now, after decades of far-Left misrule that has picked up speed in the wake of the COVID hysteria, the city’s dirty, degrading, and dangerous areas are growing rapidly and taking the whole place over, and the city’s remaining sane people are fleeing. The end is near for the Golden Gate City: the day is approaching when its ruins will bear silent witness to the ways in which Leftism destroys human societies. In anticipation of that day, a luxury hotel chain is leaving town.
Park Hotels & Resorts Inc., which owns and operates the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco, has announced that it is pulling out of Pelosiville, and can you blame them? The inaptly named Thomas J. Baltimore, Jr., Chairman and CEO of Park Hotels & Resorts, announced Monday that it was going to stop payments on a $725 million commercial mortgage-backed securities (CMBS) loan that is secured by the Hilton Union Square and the Parc 55. That means that unless someone steps in to take them over, those two hotels will close up, and their shells will become new monuments to the cost of electing Leftists to run cities.
Baltimore (wasn’t Joe San Francisco available?) announced, “This past week we made the very difficult, but necessary decision to stop debt service payments on our San Francisco CMBS loan.” His explanation for this was devastating: “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.” Why, Baltimore? Did someone get misgendered? Not exactly: “Now more than ever, we believe San Francisco’s path to recovery remains clouded and elongated by major challenges – both old and new: record high office vacancy; concerns over street conditions; lower return to office than peer cities; and a weaker than expected citywide convention calendar through 2027 that will negatively impact business and leisure demand and will likely significantly reduce compression in the city for the foreseeable future.” Thomas J. Baltimore, Jr. is risking the wrath of the woke by making all this clear, but who can deny that he is actually understating his case?
There is more. Read the rest here.
Namer says
This is the first step to the total collapse of our banking system. With businesses closing down and buildings becoming vacant no one will be able to pay the banks for the loans taken out to buy the building. No one will be willing to buy the buildings for the same reason the buildings were vacated. In a couple of years these buildings will need to be torn down as they will be uninhabitable.
mjazz says
No one will tear them down.
It will wind up like Detroit.
Barbara says
The homeless will be housed in the empty buildings. Who is going to pay the expenses? ? ? The city, they do not have any money. They have taxpayers money but that is already marked for other expenses.
Zeena says
Thomas J. Baltimore Junior would make a fine Vice Resident!
Linde B. says
I wonder why the Lefty Libtards are not inviting their idol George Soros or one his heirs to step in and ”fix” this situation. 🤔
࿗Infidel࿘ says
Yeah! Explanation is that he’s just there to sabotage things, not fix them. That geezer can’t croak soon enough
Pray Hard says
Just think of all the moslems they could house there!!!!!!!!!!!!!!!!!!!!
gravenimage says
Dying San Francisco Sustains Another Massive Blow
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We have two of my husband’s college friends coming out to stay here at the end of the month, and I was looking for something down near Union Square for them–and then I ran into this story the next day. Grim stuff…
OLD GUY says
San Francisco just another democrat slum city.
James Lincoln says
Back in 2018, a large medical group canceled a five-day trade show/ convention in San Francisco due to the squalor.
The city lost an infusion of $40 million…
https://finance.yahoo.com/news/medical-convention-cancels-san-francisco-231726132.html