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Budget panel backs amendment to restructure Grand Hyatt SFO hotel bonds
Summary
The Budget & Finance Committee forwarded an amended resolution to the full Board to restructure the Grand Hyatt SFO special facility revenue bonds, deferring hotel bond debt service to April 1, 2023 and temporarily lowering interest to ease near‑term cash flow while the airport reports back in May 2021 on revenues, reserves and major capital projects.
The San Francisco Board of Supervisors' Budget & Finance Committee voted Feb. 3 to forward to the full Board an amended resolution that would authorize an amended and restated hotel trust agreement for Grand Hyatt SFO special facility revenue bonds.
At the committee meeting, airport officials said the trust amendment would defer debt service payments on the hotel bonds until April 1, 2023 and temporarily lower the hotel's interest rate to allow the facility to cover operating costs while travel recovers. “This will reduce near‑term financial pressures on the hotel so that it can continue to fund critical operating expenses such as payroll and remain positioned to generate revenue as demand recovers,” airport presenter Deanna Quizon said during the committee…
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