Home News Historic San Francisco hotel on famous hilltop flops into loan default

Historic San Francisco hotel on famous hilltop flops into loan default

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SAN FRANCISCO — One of San Francisco’s historic hotels perched on a famous hill has fallen into loan default.

The Huntington Hotel is a nearly 100-year-old property located on San Francisco’s gorgeous Nob Hill. The mortgage is in default, according to documents filed with the San Francisco County Record Office on August 16.

The defaulted loan totaled $56.2 million and was provided by the New York branch of Deutsche Bank, which is seeking foreclosure of delinquent loans, according to San Francisco real estate records.

The financial troubles and mortgage delinquencies engulfing Huntington Hotels are a reminder that the coronavirus outbreak continues to plague the lodging, travel, restaurants and leisure sectors in sometimes unexpected ways and places.

The Huntington Hotel is a luxury historic hotel located at 1075 California Street, atop Nob Hill in San Francisco. (Google Map)

San Francisco’s economy, in particular, continues to rock from the aftermath of business shutdowns put in place by state and local government officials to combat the spread of deadly bugs.

In a strange twist, public documents show that the amount of financing provided at the time of purchase exceeded what the borrower, an affiliate of Woodridge Capital, paid for the hotel tower.

Los Angeles-based Woodridge Capital bought the 136-room hotel for $51.9 million in 2018, real estate documents show.

Including penalties, late fees and unpaid interest, Deutsche Bank claims that affiliates of Woodridge Capital owed lenders a total of $61.1 million.

The hotel was originally built in 1924 as the Huntington Apartments. At the time of construction, the structure was the first steel and brick skyscraper west of the Mississippi River.

The Huntington Hotel is a luxury historic hotel located at 1075 California Street, atop Nob Hill in San Francisco.  (Google Map)
The Huntington Hotel is a luxury historic hotel located at 1075 California Street, atop Nob Hill in San Francisco. (Google Map)

San Francisco tax collectors have filed a notice of tax lien on the property, according to documents posted Sept. 9.

In a fresh sign that the hotel has hit a difficult time, the property operator said the facility has been closed until further notice.

According to a post on the hotel’s website lead page, “Nob Hill Spa, Big 4 Restaurants and The Huntington Hotel are all closed until further notice.

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