Glendale Federal Sells Hotel in San Francisco
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Glendale Federal Bank said it has sold the San Francisco Airport Marriott Hotel, which the Glendale-based savings and loan had acquired through foreclosure in July, 1994, to HMH SFO Inc., a subsidiary of Host Marriott Corp. Details of the transaction were not disclosed.
Stephen J. Trafton, chairman and chief executive of Glendale Federal, said the sale is “another significant step forward in the bank’s effort to reduce its level of problem assets.” Glendale Federal has struggled with bad loans in recent years and reported a loss of $209 million for its fiscal year ended June 30.
Glendale Federal said restructured loans and the sale of the San Francisco hotel have reduced its total non-performing assets to about 3.8% of total assets, down from 4.14% at the end of the June quarter.
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