The Huntington Hotel, one of the famous “Big Four” hotels atop San Francisco’s Nob Hill, could be subject to foreclosure after defaulting on a loan, according to a report.
Documents filed with the city show a $56.2 million loan in default and a tax lien on the property, according to Bay Area News Group. Los Angeles-based Woodbridge Capital acquired the 136-room hotel in 2018 for $51.9 million. Its lender, Deutsche Bank, is seeking to foreclose on the loan.
First built in 1924, the twelve-story Georgian-style hotel, along with its restaurant and spa, is closed until further notice according to its website. A request for comment was not immediately returned.
Hotels and office buildings in San Francisco have struggled with a sharp drop in the number of travelers and commuters, raising the risk of collapsing property values, mortgage defaults and vacant buildings.
The city’s tax office is seeing a flood of tax reassessment requests from commercial landlords who argue their property values have dropped.
This includes the owners of some of San Francisco’s most iconic buildings: the Transamerica Pyramid, Uber’s headquarters in Mission Bay, and the Westin St. Francis, among others.