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Whole Foods temporarily closed one of its San Francisco locations due to rampant shoplifting and continued threats to workers and customers. Park Hotels and Resorts, the investment firm that owns Hilton San Francisco Union Square and Parc 55 hotels, also recently revealed it would leave the city. A bus drives by the Westfield San Francisco Centre on June 14, 2023 in San Francisco, California. Downtown San Francisco has an estimated 18.4 million square feet of available real estate. While violent crime statistics in San Francisco have remained relatively low in recent years, compared to other major cities, property crimes have risen since 2020, according to San Francisco Police Department data.

Persons: Los Angeles CNN — John Chachas, Governor Newsom, ” Chachas, Chachas, San Francisco “ unlivable, Gavin Newsom, Justin Sullivan, Nordstrom, Thomas Baltimore , Jr, ” What’s Organizations: Los Angeles CNN, London Breed, city’s, San Francisco Chronicle, Chachas, Republican, London, San, Anthropologie, Whole Foods, Westfield, Resorts, Hilton San Francisco, Square, Westfield San Francisco Centre, San Francisco Police Department, University of California Locations: San Francisco, California, Francisco, ”, Nevada, San Francisco’s, Union, San Francisco’s Union, San Francisco , California, Park, San Francisco's, U.S, Canada, Downtown San Francisco

☆ Empty offices, abandoned malls, concerns over crime: Why San Francisco, the Golden City, is losing its luster
▼ + stars: | 2023-06-17 | by ( Al Yoon | ) www.businessinsider.com time to read: +8 min

Days later, Unibail-Rodamco-Westfield and coowner Brookfield gave the San Francisco City Centre back to their lenders after the exit of retailers left the mall just over half occupied. Whatever is going on in San Francisco, we are not interested in being part of that any longer." Fear of crime taints the cityCrime, or the fear of it, often creeps into conversations about San Francisco, too. "I ask, what's the driver" of the San Francisco office vacancies, Scavone told Insider. He continued: "Is it because downtown San Francisco is somewhat of a difficult commute from suburbs in Marin County or the East Bay?"

Persons: Manus Clancy, Trepp, —, Brookfield, Clancy, Salesforce, Jeff Burg, he's, Burg, we're, Thomas Baltimore, hasn't, Elon Musk, Bob Lee, Frank Scavone, Scavone Organizations: Service, San Francisco, California, Hilton San Francisco, Square, Parc, San Francisco City Centre, San, Krea, Union, Census, LinkedIn, Park Hotels, Resorts, Westfield, ABC, San Francisco Travel Association, Elon, Foods, The New York Times, McKinsey & Co, downtown Locations: San Francisco, San, San Francisco Chronicle, Westfield, Real, Francisco, New York, cubicles, Boston , Chicago, Houston, Miami, San Francisco's Hayes Valley, Manhattan, Tenderloin, —, downtown San Francisco, Marin County

☆ Westfield giving up San Francisco mall amid falling foot traffic
▼ + stars: | 2023-06-12 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —Shopping mall operator Westfield said it plans to give up control of the San Francisco Centre mall after more than 20 years of operation in another sign of San Francisco’s economic struggles. Last month, a Westfield spokesperson attributed Nordstrom’s closing to “unsafe conditions for customers, retailers, and employees.”Once a bustling retail center in the heart of San Francisco, the San Francisco Centre has taken a significant hit in the past few years. Three years later, corporate America has yet to return in the same numbers: office vacancies in San Francisco have reached a 30-year high. According to a tally from the San Francisco Standard, twenty retailers near San Francisco’s Union Square have closed their doors since 2020. Westfield said it has already begun transferring management of the San Francisco Centre back to its lender, which will appoint a receiver to operate the property going forward.

Persons: Thomas Baltimore , Jr Organizations: CNN, Westfield, San Francisco Centre, Nordstrom, San Francisco, San, Resorts, Hilton San Francisco, Square Locations: San Francisco, Banana, Westfield, Westfield’s, America, San Francisco’s Union, Baltimore

☆ Flagship hotels are becoming collateral damage in San Francisco's office mess
▼ + stars: | 2023-06-06 | by ( Al Yoon | ) www.businessinsider.com time to read: +2 min

Park Hotels & Resorts, an investment company, defaulted on a $725 million San Francisco hotel loan. The company's CEO plans to give up the properties, blaming remote work and "street conditions." This week, Park Hotels & Resorts, one of the largest publicly-traded hospitality investment companies with more than 29,000 rooms, chose to default on a $725 million loan secured by two flagship San Francisco hotels, the Hilton San Francisco Union Square and its Parc 55, about a block away. The "burden" of the properties was just too great, and it's not only because workers are abandoning the area, Thomas Baltimore, the Park Hotels CEO, said in a statement. San Francisco has been one of the large urban metros hit hardest due to remote work and the outright exits of large technology companies.

Persons: —, it's, Thomas Baltimore, –, Salesforce Organizations: Resorts, San, Service, Hotels, Hilton San Francisco, Square, Park Hotels, metros Locations: San Francisco, Francisco, Baltimore

☆ San Francisco Hilton investor will stop making loan payments
▼ + stars: | 2023-06-06 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Downtown San Francisco has been dealt another blow after an investor in one of its largest hotels said it would stop paying its loans. An investor presentation from Park reveals that San Francisco accounted for 16% of its business in 2019, then fell to just 3% over the past 12 months following the pandemic. The San Francisco Hotel Council told CNN affiliate KGO-TV that it’s “not uncommon for hotel ownership to change” and it expects the hotel will find new owners. Property crimes in San Francisco have garnered national attention because of several attention-grabbing videos of thieves in action. Meanwhile, violent crime statistics in San Francisco have remained relatively steady in recent years.

Persons: Thomas Baltimore , Jr, ”, It’s, Nordstrom Organizations: New, New York CNN, Downtown, Park, Resorts, Hilton San Francisco, Square, Marriott, Hyatt, San Francisco, San Francisco Hotel Council, CNN, KGO, San Francisco Police Department Locations: New York, Downtown San Francisco, Francisco, San Francisco

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