One of America's richest cities sinks in massive hotel debt - as tourists stop choosing it for their vacations

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One of America's richest cities sinks in massive hotel debt - as tourists stop choosing it for their vacations

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San Francisco's glitzy hotels have been plunged into massive debt following a dramatic drop off in tourism to the Golden Gate City. The Californian city's two biggest hotels, the Hilton Parc 55 and Hilton San Francisco Union Square, have lost a combined $1billion in value, according to the Kroll Bond Rating Agency. Their worth is now $553.8 million. Meanwhile, the delinquency rate among commercial mortgage-backed security loans for the sector jumped to 41.
Read More >> Full Article on Source: MAG NEWS
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