Struggling San Francisco takes another big hit as mall owner Westfield flees

The pain is getting deeper for San Francisco as the owners of one of the biggest shopping centers in the city decided to walk away after 20 years, in the face of declining sales, occupancy and foot traffic. Unibail-Rodamco-Westfield said late on Monday it will transfer its Westfield San Francisco shopping mall to lenders. The announcement followed Park Hotels & Resorts statement last week that it ceased making payments toward a $725 million mortgage linked to its Hilton San Francisco Union Square and Parc 55 hotels. Westfield’s decision is the...