One of America's richest cities sinks in massive hotel debt

San Francisco's tourism industry struggles to recover to pre-pandemic levels while other parts of the country bounce back

The combined value of San Francisco's two largest hotels, the Hilton Parc 55 and the Hilton San Francisco Union Square, has dropped by $1 billion to $553.8 million, according to Kroll Bond Rating Agency.

Key takeaways

• Anna Marie Presutti, interim president of the San Francisco Travel Association, told the Wall Street Journal that she doesn't expect visitor numbers to rebound until 2028 or 2029;
• According to data firm CoStar Group, weekend hotel occupancy in the San Francisco-San Mateo area - a key indicator of leisure travel - is down 22 percent since 2019, compared to a 4 percent decline nationwide;
• The Wall Street Journal noted that tourists may be deterred by "quality-of-life issues," with San Francisco's notoriously high cost of living. The Bay Area ranks as the second most expensive region in the United States, behind only New York City.

Get the full story at the Daily Mail