Union Square Hotel Part Of A $350M Refinancing Loan
The loan values the properties at $1.55B, according to the San Francisco Business Times.
The terms of the loan are dependent upon the hotel reaching an average daily rate of $309.05 and revenue per available room of $249.91, as well as an occupancy rate of 80.9% over the course of the next two years — the length of the loan.
The hotel’s occupancy for June clocked in at 83.2%, but for the 12 months ending June 30, occupancy was a shade below 60%, with an ADR of $212.30, and the subsequent RevPAR of $126.94.
The city’s overall hotel occupancy rate has been on the upswing in recent months, but recovery has been slow going. Hotel occupancy rates increased from 31.79% to 71.56%, and the average daily rate in that same period rose from $113.54 to $278.98, between January 2021 and August 2022.