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Real Estate/Development

Oct. 25, 2023

San Francisco’s biggest hotels may go to receivership

“We believe San Francisco’s path to recovery remains clouded and elongated by major challenges,” the investment firm behind Hilton San Francisco Union Square and Parc 55 said in June.

Two of San Francisco’s biggest hotels, Hilton San Francisco Union Square and Parc 55, are in danger of being sent into receivership after Wilmington Trust, a trustee for the lenders of the $725 million mortgage on the two properties, sued the real estate investment firm behind the hotels.

Park Intermediate Holdings LLC, the defendant investment company, announced on June 5 that it would cease payment of the loan. Thomas J. Baltimore Jr., c...

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