The owner of two of San Francisco’s largest hotels stop making debt payments and turn the keys over to their lender, JP Morgan Chase

The owner of the Hilton San Francisco Union Square and Parc 55 hotels in has chosen to stop making payments on $725 million in debt and turn the keys over to their lender, J.P. Morgan Chase.

In 2016 the hotels were appraised for a combined $1.56 billion. The owner is turning over the keys even though they owe less than half that, showing just how far the value of San Francisco properties has fallen.

Is this the beginning of the Commercial Real Estate collapse?

https://viewfromthewing.com/san-francisco-is-a-mess-and-the-owner-of-the-citys-largest-hotel-is-just-walking-away/