Hotelier Writes Off San Francisco, Citing ‘Major Challenges’

Park Hotels & Resorts, the operator of two of the most prominent hotels in San Francisco, is handing in the keys on the properties — and, in essence, giving up on a city that has fallen on hard times.

Park Hotel stopped making payments on a $725 million loan tied to the Hilton Union Square and Parc 55, the real estate investment trust

on Monday. The hotels, a few blocks from the once-bustling Moscone Center conference hall, have a…