SAN FRANCISCO – One of San Francisco’s historic hotels, perched on top of a luxury hill, has fallen into default on a loan which means the property is facing debt repossession, according to public records.
The Huntington Hotel, a nearly 100-year-old residential tower on Nob Hill, San Francisco, is defaulting on mortgage, filing filed August 16 with the San Francisco County Recorder’s Office screening.
The outstanding loan is $ 56.2 million and was issued by the New York branch of Deutsche Bank, which is seeking to take over the outstanding loan, according to San Francisco property records.
Financial troubles and mortgage crime are a reminder that the coronavirus epidemic continues to hit the accommodation, travel, restaurant and leisure sectors, sometimes in unexpected ways and places.
San Francisco’s economy, in particular, continues to falter after the business closure introduced by government and local officials in their quest to combat the spread of fatal error.
Oddly enough, the amount of financing provided at the time of purchase exceeded the amount that the borrower, an affiliate of Woodbridge Capital, paid for the hotel tower, according to public records.
According to real estate documents, Los Angeles-based Woodridge Capital bought a 136-room hotel in 2018 for $ 51.9 million.
Including penalties, late fees and unpaid interest, Deutsche Bank says an affiliate of Woodridge Capital owes the lender a total of $ 61.1 million, the insolvency notice said.
The hotel was built in 1924 as Huntington Apartments. At the time of construction, it was the first steel and brick skyscraper west of the Mississippi River.
A San Francisco tax collector has filed a notice of lien on real estate, according to a filing filed on September 9.
As a fresh signal that the hotel is in a difficult time, the hotel operator says the property has closed its doors for the time being.
“Nob Hill Spa, Big 4 Restaurant and the Huntington Hotel will be closed until further notice,” reads a post on the hotel’s main website.
However, it is currently uncertain when – or whether – a hotel will open its doors or whether a restaurant or spa will resume operations.
The hotel operator praises the amenities and luxurious surroundings of the Huntington Hotel.
“The Huntington Hotel specializes in providing modern amenities and convenience within a historic space,” the website reads.
The building is close to other similarly famous hotels: Fairmont San Francisco, InterContinental Mark Hopkins and Stanford Court.
The Huntington Hotel, the building’s website says, is “in the middle of San Francisco’s most exclusive and exciting neighborhood.”
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