"New York-headquartered hotel and real estate investors Newbond and Conversant are finalizing a deal to acquire the Hilton San Francisco Union Square, the biggest hotel in San Francisco in terms of number of rooms, and neighboring Parc 55, also a Hilton hotel. The two properties combine for nearly 3,000 rooms and were a towering symbol of the city's downtrend coming out of the pandemic."
"In 2023, their previous owner, the Virginia-headquartered Park Hotels & Resorts, defaulted on its $725 million loan for the two hotels, citing concerns over the timeline for the city's recovery. Since those investors forfeited the two properties, San Francisco's tourism has steadily rallied as average hotel room rates rise and events such as the recent Dead & Company shows - and planned Bay Area events for 2026, like the Super Bowl and World Cup matches - fill hotels."
"The Moscone Center is having a promising year, according to the San Francisco Business Times, and climbing out of its rut as conferences return to San Francisco, including the Visa Payments Forum. "San Francisco is a smarter investment today than it has been in a very long time, particularly in the hotel sector," Alex Bastian, president and CEO of the Hotel Council of San Francisco, told SFGATE. "The Hilton and Parc 55 are standout assets - well-managed, centrally located and positioned for significant upside as the visitor economy expands.""
Newbond and Conversant, New York-headquartered hotel and real estate investors, are finalizing a deal to acquire the Hilton San Francisco Union Square and Parc 55. The two adjacent Hilton properties total nearly 3,000 rooms. Park Hotels & Resorts defaulted in 2023 on a $725 million loan for the properties and relinquished them to a court-appointed receiver. San Francisco tourism has rebounded with rising average room rates and large events filling hotels, while the Moscone Center and conferences return. The buyers have paid two deposits totaling $20 million, signaling renewed investor confidence in the visitor economy.
Read at SFGATE
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