San Francisco’s 2 Largest Hotels Lose More Than $1 Billion in Value
Skift Take
San Francisco’s two largest hotels have lost over $1 billion in value, now worth $553.8 million, prompting a downgrade in bond ratings and a rush to sell before foreclosure.
The DJIA was up 162, Nasdaq rose 149 points, the S&P 500 was up 34 and the 10 year treasury yield was down .04 to 4.44%. While lodging stocks did better than yesterday, they still did not keep up with the rising indexes and wound up mixed on the day.
Hilton has been approved to build a new four-story hotel in Escambia County, Florida, which will mark the local debut of its new extended-stay hotels brand. Hilton was approved to build a new hotel with over 58,000 square feet of space and 121 rooms. The hotel, called LivSmart Studios by Hilton, will be located on Plantation Road and University Office Boulevard in Pensacola.
The Hampton Inn by Hilton in Bridgeport, West Virginia held a ribbon-cutting ceremony marking the completion of a year-long, $4.5 million renovation. Each floor of the hotel received cosmetic changes from carpets to furniture. The indoor pool area has new f
