NewsPour 6.9.23
News this week includes San Francisco hotels to default on $725 million loan, All State and Farmers Insurance to stop selling home insurance in California, office vacancy rises around remote work, employees stop relocating for jobs and drug cartels and Chinese organized crime laundering money into real estate.
San Francisco Hotels Default
Park Hotels announced will default on $725 million CMBS loan on San Francisco Hilton Union Square and Parc 55 hotels. For a discussion watch here.
Insurance Companies Leave California
All State and Farmers Insurance announce will no longer sell home insurance in California. For a discussion watch here.
Office Vacancy Rises with Remote Work
New CBRE report finds that office vacancy has risen with remote work. For a discussion watch here.
Employees Stop Relocating for Jobs
Higher mortgage rates are causing fewer employees to relocate for new jobs. For a discussion watch here.
Cartels and Chinese Crime Launder Money into Real Estate
A new method of laundering drug cartel money is sending money into U.S. real estate. For a discussion watch here.