Nearly five months after Park Hotels & Resorts announced it had stopped making payments on a $725M CMBS loan backed by two of the largest hotels in San Francisco, a receiver has been appointed to take control of the hotels pending a sale.
Michelle Russo, CEO of Providence, RI-based Hotel Asset Value Enhancement (HotelAVE) was tapped by the San Francisco Superior Court to take control of the 1,921-room Hilton San Francisco Union Square-the largest hotel in San Francisco and the largest Hilton on the West Coast-and the 1,024-room Parc 55.
The receiver was appointed after Wilmington Trust, a trustee representing the lender, filed a lawsuit. According to a report in the San Francisco Business Times, HotelAVE will have until September 1, 2024 to find an adequate buyer for the properties.
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