Park Hotels faces receiver appointment for two San Francisco hotels after CMBS loan default

Park Hotels & Resorts Inc.

Trustee filed lawsuit to appoint receiver for Hilton SF Union Square & Parc 55; default on $725M CMBS loan since June 2023.
Receiver will have exclusive control, authority to market and sell hotels by Sept 1, 2024 (60-day extension if under contract).
If hotels not sold within period, receivership ends with non-judicial foreclosure.
Company anticipates receiver appointment within next few business days.

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