Parc 55 and Hilton Union Square Hotels Finally Have a Buyer, After Two Long Years Languishing in Receivership

"SFs largest hotel, the Hilton Union Square, and the also very large Parc 55 have finally found an interested buyer, ending two years of limbo for a pair of SF's most prominent downtown hotels. The most embarrassing example of a trophy SF property that the owner had to default on remains the beleaguered former Westfield Mall that is now called the San Francisco Centre. That troubled mall's auction was just delayed for the eighth time, now pushed to September 25, for unknown reasons that make it seem like there is scant interest in the property."

"The owner of both hotels defaulted on their $725 million mortgage in 2023, and just abandoned the properties to their lenders. Both have sat without takers for more than two years, and have since seen their valuations were slashed in half. But that long nightmare of receivership will apparently soon be over for both high-end hotels. The Chronicle reports both hotels have found a buyer a collection of three New York-based hoteliers called Newbond, Witkoff, and Conversant."

San Francisco's largest hotel, the Hilton Union Square, and Parc 55 have found a buyer, ending more than two years of limbo after their owner defaulted on a $725 million mortgage in 2023. Both properties were abandoned to lenders and saw valuations slashed roughly in half during receivership. The prospective buyer group comprises three New York-based hoteliers operating through NB Acquisitions LLC. The sale price was redacted in court documents. The transaction remains subject to a September 25 court hearing before becoming final. The San Francisco Centre mall's auction was delayed again to the same date, suggesting continued uncertainty for other downtown assets.

Read at sfist.com