A thriller purchaser has apparently agreed to purchase $725 million in debt on two of San Francisco’s largest inns, reported the San Francisco Enterprise Occasions. The 1,921-key Hilton San Francisco Union Sq. and 1,024-key Parc 55 San Francisco have been below court-appointed receivership for the reason that fall of 2023, after proprietor Park Inns & Resorts handed again the keys.
Eastdil Secured started advertising and marketing the debt on the 2 related properties this previous July. At the moment, the 2 properties had been appraised at roughly $554 million by Kroll Bond Ranking Company, a drop of greater than $1 billion from their appraised worth when the debt was originated.
The Enterprise Occasions reported that the phrases of the sale had been nonetheless below dialogue and the deal has not been finalized. The receiver is below a March 31 deadline to finish the deal or the debt will return to lender JPMorgan for foreclosures.
