December 9, 1992 |
Sir Francis Drake Hotel Foreclosed: Bank of America has foreclosed on the Sir Francis Drake Hotel, one of San Francisco's landmarks. The bank said it took control after the owners of the 417-room hotel, Santa Monica-based S.F. Drake Associates, defaulted on a $34.1-million loan. Bank of America said it would keep the hotel at Sutter and Powell streets open and hired Tishman Hotel Corp. of New York and Pittsburgh-based Interstate Hotel Management Corp. to run the hotel.