In a presentation given to investors last month, Park Hotels and Resorts said San Francisco made up 16 percent of their sales in 2019, compared to just three percent over the last 12 months.
The 1,921-room Hilton San Francisco Union Square is the city's largest hotel, occupying an entire city block. Parc 55 has 1,024 rooms.
Their key concerns are record levels of office vacancy , fewer employees returning to offices, a "weaker than expected" convention calendar through 2027 and on-going concerns over safety and security. "It's the urban environment in general that has become the narrative right, that everyone is speaking about and it's slowly starting to turn around in a lot of markets and it has begun to start turning around in San Francisco but not fast enough," he said.
The SF Hotel Council said in a statement that the hotels will stay open for business. Here's the full statement from President and CEO Alex Bastian:
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